SOLUTION: I was out sick today and missed math. We covered "compound interest" and I was trying to get caught up at home. My homework included this problem: How much money would you have to

Question 349267: I was out sick today and missed math. We covered "compound interest" and I was trying to get caught up at home. My homework included this problem: How much money would you have to deposit at a 3% interest rate compounded per year to have $500 after 2 years? So basically I need to find the initial amount.
I put together the equation 500=x(1+.03)^2. Now I just need to solve for x but I don't know how to. Could you please help me?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
500=x(1+.03)^2
x = 500/(1.03)^2
Just calculator work
x = $471.30

RELATED QUESTIONS
I'm in 8th grade. I went home sick today and missed some of the classroom lecture, but... (answered by robertb)

I was sick and missed school and now need help to understand Thank you very much for (answered by )

Hi. I'm home sick today. I'm trying to keep up with my algebra homework. My mom and I... (answered by Alan3354,jim_thompson5910,likaaka)

I need help to do a quantative analysis a situation diagram and to solve the problem on... (answered by ankor@dixie-net.com)

Hi, I am trying to help my daughter with her math homework and we are both feeling... (answered by funmath)

I would love to have help on this, this homework/class expires Sunday. I was sick when I... (answered by stanbon)

I was sick for a few days and got my school work to do at home and I came across this... (answered by rapaljer)

Hi I am trying to understand how to graph y>3x. I am trying to graph inequalities in two... (answered by Edwin McCravy,josmiceli)

Hi, I need help with my homework. We are learning about the sum and difference of... (answered by Alan3354,solver91311)