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Ivanhoe Company signed a lease for an office building for a period of 10 years. Under the lease agreement, a security deposit of $9,300 is
Ivanhoe Company signed a lease for an office building for a period of 10 years. Under the lease agreement, a security deposit of $9,300 is made. The deposit will be returned at the expiration of the lease with interest compounded at 6% per year.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
What amount will Ivanhoe receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.)
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