Answer
$$P \approx \$ 61,377.74$$
Work Step by Step
$$\eqalign{
& r = 8\% ,{\text{ }}t = 35 \cr
& {\text{The formula for the amount }}A{\text{ in a savings account }} \cr
& {\text{compounded }}n{\text{ times per year for }}t{\text{ years at an interest }} \cr
& {\text{rate }}r{\text{ and an initial deposit of }}P{\text{ is given by}} \cr
& A = P{\left( {1 + \frac{r}{n}} \right)^{nt}}{\text{ }}\left( {\bf{1}} \right) \cr
& {\text{From the given information:}} \cr
& A = 1,000,000,{\text{ }}r = 8\% = 0.08,{\text{ }}n = 12\left( {{\text{a year}}} \right),{\text{ }}t = 35 \cr
& {\text{Substituting these values into }}\left( {\bf{1}} \right) \cr
& \$ 1,000,000 = P{\left( {1 + \frac{{0.08}}{{12}}} \right)^{\left( {12} \right)\left( {35} \right)}} \cr
& {\text{Simplifying}} \cr
& \$ 1,000,000\$ \approx P{\left( {1.0066} \right)^{420}} \cr
& {\text{Solve for }}P \cr
& \frac{{\$ 1,000,000}}{{{{\left( {1.0066} \right)}^{420}}}} \approx P \cr
& P \approx \$ 61,377.74 \cr} $$
