What amount must be invested now at 4% per annum, compounded quarterly, so that in five years it will have grown to $60 000?
4% ÷ 4 = 1% per quarter
5 years = 5 × 4 = 20 quarters
60 000 = P(1 + 0.01)^{20}
$$P = \frac{{60000}}{{{{1.01}^{20}}}}$$
P = $49 172.66