On October 1, 2004, you deposit X into an account earning 7% effective annual compound interest. On July 1, 2008, the account has a value of $3000. Find X

Question

On October 1, 2004, you deposit X into an account earning 7% effective annual compound interest. On July 1, 2008, the account has a value of $3000.  Find X

anonymous · Answer

fun stuff, right?

anonymous · Answer

would you like my multiple choice answers?

anonymous · Answer

I'm opening the book, hold on!
Yes, definitely. Thanks :)

anonymous · Answer

HA!  okay....   1053.61,   2327.73,   1984.23,    and 2156.29

anonymous · Answer

i shall return. checking on baby

anonymous · Answer

soon

anonymous · Answer

Okie, doing whatever you like, then be back to check my solution ;)

anonymous · Answer

hahaha, yes!  finally, someone who understands the system!  just kidding

anonymous · Answer

even if you find the formula to help me, i'd appreciate it

anonymous · Answer

...And my next question is waaay worse than this one...

anonymous · Answer

Are you sure that your post is complete?
Effective Annual Rate 
( 1 + r/n )^n  -1 = .07
The problem needs the time of compound per year n to => r

anonymous · Answer

Are you sure that your post is complete? 
Effective Annual Rate ( 1 + r/n )^n -1 = .07 
The problem needs the time of compound per year n to calculate rate r

anonymous · Answer

@Chlorophyll I am sure it is complete, that is why I am having a hard time with it...  I ASSUME that it is once per year.