1. Phillip just turned 18 years old and he wants to have $2,000,000 in 42 years (on his 60th birthday). He will place money into an investment account that pays 8.4% interest compounded quarterly. How much should Phillip invest now to have $2,000,000 in 42 years? Round your answer to the nearest $0.01. Algebraic work showing the amount of money Phillip needs to invest now. (Include proper units and rounding for the final answer. Do NOT round your decimals in the middle of the solution.)