Probably one of the most helpful sketches on this site.

/*
Creator: HazardsMind (Andrew Mascolo)
Date: 4/15/2014


Vsource
 |
 |
[R1]
 |
 x-----------Vout
 |
[R2]
 |
 |
GND

*/

// all possible single resistor values, in the lowest value. Do not change.
float CommonRes[24] = {
  1.0, 1.1, 1.2, 1.3, 1.5, 1.6, 1.8, 2.0, 2.2, 2.4, 2.7,
  3.0, 3.3, 3.6, 3.9, 4.3, 4.7, 5.1, 5.6, 6.2, 6.8, 7.5,
  8.2, 9.1
};

void setup() 
{
  Serial.begin(115200);
  ResistorCalc(5, 3, 4.5, true); // source is 5V, lowest possible output = 3, highest = 4.5, show values.

  //FindR1(3357.14, 12, 5); // this will show you what resistor you need for R1 to get your expected output
  //FindR2(4700, 5, 3); // Same as above but it will find the resistor for R2
}

void loop(){ }
// Voltage source, Lowest possible output, highest possible output, show values?
void ResistorCalc(float Vs, float VoL, float VoH, bool show)
{
  float R1, R2, possibleVoltage;
  unsigned long count = 0, With_Duplicates = 0;
  Serial.println(F("# R1   R2   OUTPUT\n-----------------------"));
  for (byte i = 0; i < (24 * 7); i++)
  {
    R2 = (CommonRes[i % 24] * pow(10, (i / 24)) );
    for (byte j = 0; j < (24 * 7); j++)
    {
      R1 = (CommonRes[j % 24] * pow(10, (j / 24)) );
      possibleVoltage = (Vs * R2) / (R1 + R2);
      if (R1 != R2)
      {
        if ((possibleVoltage >= VoL) && (possibleVoltage <= VoH))
        {
          count++;
          if (show)
          {
            Serial.print(count);
            Serial.print(F(" "));
            Serial.print(R1);
            Serial.print(F(" "));
            Serial.print(R2);
            Serial.print(F(" "));
            Serial.println(possibleVoltage);
          }
        }
      }
      else With_Duplicates++;
    }
  }
  Serial.print(F("No Dups: "));
  Serial.println(count);

  Serial.print(F("With Dups: "));
  Serial.println((count + With_Duplicates));
}

void FindR1(long R2, float Vs, float Vo)
{
  Serial.println( ((Vs * R2) - (Vo * R2)) / Vo);
}

void FindR2(long R1, float Vs, float Vo)
{
  Serial.println( (Vo * R1) / (Vs - Vo));
}

I'm also working on a sketch that will visually show the resistor bands using the UTFT library.