Two partners agree to invest equal amounts in their business. One will contribute $10,000 immediately. The other plans to contribute an equivalent amount in 7 years. How much should she contribute at that time to match her partner's investment now, assuming an interest rate of 9% compounded semiannually? $ (Type an integer or decimal rounded to two decimal places as needed.)

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Two partners agree to invest equal amounts in their business. One will contribute $10,000 immediately. The other
plans to contribute an equivalent amount in 7 years. How much should she contribute at that time to match
her partner's investment now, assuming an interest rate of 9% compounded semiannually?
(Type an integer or decimal rounded to two decimal places as needed.)
Transcribed Image Text:Two partners agree to invest equal amounts in their business. One will contribute $10,000 immediately. The other plans to contribute an equivalent amount in 7 years. How much should she contribute at that time to match her partner's investment now, assuming an interest rate of 9% compounded semiannually? (Type an integer or decimal rounded to two decimal places as needed.)
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