My question is: I need to have $70,000.00 in 7 years. What would my initial investment have to be if I put it in an account that pays 7% interest compounded qua

How does the answer 60,000=P(1.7410) come from the equation 60,000 = P(1+0.02)^28? I need to see the whole equation.

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The compound interest equation is P = C (1 + r/n)^{(nt)}. Where P is the calculated value, C is the initial amount, r is the interest rate, n is the # of times per year the interest is compounded, and t is the number of years invested. If you need 70,000 in 7 years and the interest is 7% quarterly, the equation would be