Interest rate quarterly, finding dollar amount to satisfy the ending balance amount

Question

Find how much money should be deposited in a bank paying interest at the rate of 5.5%/year compounded quarterly so that at the end of 3 years, the accumulated amount will be $50,000. (Round your answer to the nearest cent.)

$____

Answer 1

50,000 = P(1 + 0.055/4)⁴⁽³⁾

P = 50,000/((1 + 0.044/4)¹²)

P = $42,442.37