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,
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
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,
[tex]A = P(1+\frac{0.09}{4})^{8}[/tex]
According to the question,
A = $ 10,000,
[tex]P(1+\frac{0.09}{4})^{8}= 10000[/tex]
[tex]P(1+0.0225)^8 = 10000[/tex]
[tex]\implies P = \frac{10000}{1.0225^8}\approx \$ 8369.38[/tex]
