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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Mayer Company signed a lease for an office building for a period of 13 years. Under the lease agreement, a security deposit of $11,900 is made. The deposit will be returned at the expiration of the lease with interest compounded at 9% per year.
.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What amount will Mayer receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.)
| Amount at the time the lease expires | Â |
$ |
Â
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