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Larkspur, Inc. signed a lease for an office building for a period of 8 years. Under the lease agreement, a security deposit of $8,000 is
Larkspur, Inc. signed a lease for an office building for a period of 8 years. Under the lease agreement, a security deposit of $8,000 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 Larkspur, Inc. receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.)
Amount at the time the lease expires | $enter a dollar amount rounded to 2 decimal places |
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