Tim wants to invest some money in a bank which compounds quarterly with an annual interest rate of 7%. To the nearest dollar, how much money should he invest if he wants a total of $60,000 at the end of 5 years?

60000 = A ( 1 + .07/ 4)^(5 * 4) where A is the amount we need

60000 = A ( 1 + .0175)^20

60000 = A ( 1.0175)^20 diide both sides by (1.0175)^20

60000 / ( 1.0175)^20 = A ≈ $42,409.47