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Likurg_2 [28]
3 years ago
8

Two partners agree to invest equal amounts in their business. One will contribute​ $10,000 immediately. The other plans to contr

ibute an equivalent amount in 2 years. How much should she contribute at that time to match her​ partner's investment​ now, assuming an interest rate of 9​% compounded quarterly​?
Mathematics
1 answer:
krek1111 [17]3 years ago
6 0

Answer:

She should contribute $ 8369.38 ( approx )

Step-by-step explanation:

Let P be the amount invested by the other partner,

∵ The amount formula in compound interest,

A=P(1+\frac{r}{n})^{nt}

Where,

r = annual rate,

n = number of compounding periods in a year,

t = number of years,

Here, r = 9% = 0.09, n = 4 ( quarters in a year ), t = 2 years,

Then the amount after 2 years,

A = P(1+\frac{0.09}{4})^{8}

According to the question,

A = $ 10,000,

P(1+\frac{0.09}{4})^{8}= 10000

P(1+0.0225)^8 = 10000

\implies P = \frac{10000}{1.0225^8}\approx \$ 8369.38

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