SOLUTION: how much should i invest to reach $55000 in 7 years with 5% interest compounded quarterly?

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Question 704596: how much should i invest to reach $55000 in 7 years with 5% interest compounded quarterly?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
55000=P(1+0.05/4)^4*5
55000=P(1.0125)^20
55000=P(1.282)
55000/1.282=P
P=$42,901.72