Answer:
Step-by-step explanation:
Use this formula:
[tex]A(t)=P(1+\frac{r}{n})^{nt}[/tex] where A(t) is the amount after the compounding is done, P is the initial investment (our unknown), r is the interest rate in decimal form, n is the number of compoundings per year, and t is the time in years. Filling in:
[tex]520=P(1+\frac{.03}{12})^{(12)(3)}[/tex] and simplifying that a bit:
[tex]520=P(1+.0025)^{36[/tex] and a bit more:
[tex]520=P(1.0025)^{36[/tex] and even bit more:
520 = P(1.094551401) and divide to get
P = $475.30
