jmc

Recall the formula $A=P{\left(1+\frac{r}{n}\right)}^{nt}$, where $A$ is the end balance, $P$ is the principal, $r$ is the interest rate, $t$ is the number of years, and $n$ is the number of times the interest is compounded in a year. This formula represents the idea that the interest is compounded every $1/n$ years with the rate of $r/n$.

Substituting the given information, we have $$60,000=P{\left(1+\frac{0.07}{4}\right)}^{4\cdot 5}.$$Solving for $P$ gives $P=\mathrm{42409.474...}$, which rounded to the nearest dollar is \boxed{\42409}$.