Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer these 3 questions, thank you! FIRST PICTURE Sheriffield Corp. signed a lease for an office building for a period of 8 years. Under
Please answer these 3 questions, thank you!
FIRST PICTURE
Sheriffield Corp. signed a lease for an office building for a period of 8 years. Under the lease agreement, a security deposit of $7000 is made. The deposit will be returned at the expiration of the lease with interest compounded at 8% per year.
What amount will Sheffid Corp. recieve at the time the lease expires?
SECOND PICTURE
Blosson Company issued $900,000, 8-year bonds. It agreed to make annual deposits of 72,000 to a fund (called sinking fund), which will be used to pay off the principal amount of the bond at the end of the 8 years. The deposits are made at the end of each year into an account paying 4% annual interest.
What amount will be in the sinking fund at the end of 8 years?
THIRD PICTURE
Jason and Sarah Garfield invested 8,000 in savings account by paying 7% annual interest when thier daughter Angela was born. They also deposited $1,300 on each of her birthdays until she was 14 (including her 14th birthday)
How much was in her savings account on her 14th birthday (after the last deposit)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started