Answer:
$1724.14
Step-by-step explanation:
You want to know the amount invested such that the simple interest after 10 years at 2.9% is $500.00.
Simple interest
The simple interest formula can be used to find this. That formula is ...
I = Prt
where I is the interest earned on principal P at annual rate r for t years.
Application
Using the given values, we have ...
500 = P(0.029)(10) = 0.29P
Dividing by the coefficient of P gives ...
500/0.29 = P ≈ 1724.1379
Using P = 1724.14 in the interest equation will give a value of interest that rounds (down) to $500.00.
The amount $1724.14 was deposited.
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Additional comment
Using P = 1724.13 will give a value of interest that rounds up to $500.00.
