Question
Liam 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
Liam 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 4% per year. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount will Liam receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.)
Amount at the time the lease expires | $ |
I know that you are supposed to use the formula A=P(1+r/100)^n, but I don't know what the up arrow before the n is for.
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