For the following exercise, use the compound interest formula, $A(t)=p\left(1+\frac{r}{n}\right)^{n t}$, where money is measured in dollars.

Step 1 ：This question is equivalent to asking, 'What is the present value of $500,000 paid 10 years from now if the annually compounded interest rate is $5\%$?'

Step 2 ：We can use the compound interest formula, $A(t)=p\left(1+\frac{r}{n}\right)^{n t}$, where $A(t)$ is the amount of money accumulated after n years, including interest, $p$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (in decimal), and $n$ is the number of times that interest is compounded per year.

Step 3 ：In this case, we know that $A(t) = \$500,000$, $r = 0.05$, $n = 1$ (since the interest is compounded annually), and $t = 10$ years.

Step 4 ：We can plug these values into the formula and solve for $p$.

Step 5 ：So, $500,000 = p\left(1+\frac{0.05}{1}\right)^{1*10}$

Step 6 ：Solving for $p$, we get $p = \frac{500,000}{(1+0.05)^{10}}$

Step 7 ：Calculating the above expression, we get $p \approx \$306,956.63$

Step 8 ：So, you should invest approximately \$306,956.63 to have \$500,000 in ten years at an annually compounded interest rate of $5\%$.

Step 9 ：Expressing the answer as a dollar value rounded to the nearest cent, we get \(\boxed{\$306,956.63}\).