Client #6

Denzel wants to go to graduate school in 10 years, and would like to have $75,000 at that time. He wants to invest a fixed amount every quarter in an account paying 5.2% interest compounded quarterly.

(5 pt) Determine the amount Denzel will need to invest quarterly. Write out 1) the correct formula with variables (e.g. P₀, P_N, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.