Question
Crane Company signed a lease for an office building for a period of 14 years. Under the lease agreement, a security deposit of $9,100 is
Crane Company signed a lease for an office building for a period of 14 years. Under the lease agreement, a security deposit of $9,100 is made. The deposit will be returned at the expiration of the lease with interest compounded at 8% per year.
Click here to view the factor table Future Value of 1
Click here to view the factor table Future Value of an Annuity of 1
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What amount will Crane receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.)
Amount at the time the lease expires $:
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