Please answer this question. 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? Thanks!
60000 = A ( 1 + .07 / 4) ^(5 * 4)
60000 = A ( 1.0175 )^20
60000 / [ 1.0175]^20 = A ≈ $42,409.47
