Simple Interest ApplicationSimple interest is given by the formula A = P + Prt. Where A is the balance of theaccount after t years, and P is the starting principal invested at an annual percentage rateof r, expressed as a decimal.Noah is investing money into a savings account that pays 3% simple interest, and plans toleave it there for 20 years. Determine what Noah needs to deposit now in order to have abalance of $50,000 in his savings account after 20 years.Noah will have to invest $ now in order to have a balance of$50,000 in his savings account after 20 years. Round your answer to the nearest dollar.