Question 463691
From the formula for future value,

{{{F = P(1+r/n)^(nt)}}}, and substituting the respective values,

{{{60000 = P(1+0.03/4)^(4*5)}}}, or {{{60000 = P*1.0075^20}}},
 or {{{P = 60000*1.0075^(-20)}}}, we get 

P = 51,671.39.