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
Algebra ->
Finance
-> 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
Log On
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):
