Question
Sheridan Company signed a lease for an office building for a period of 9 years. Under the lease agreement, a security deposit of $8,700 is
Sheridan Company signed a lease for an office building for a period of 9 years. Under the lease agreement, a security deposit of $8,700 is made. The deposit will be returned at the expiration of the lease with interest compounded at 10% per year. What amount will Sheridan receive at the time the lease expires? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.25741. Round answer to 2 decimal places, e.g. 25.25.) Amount at the time the lease expires $enter the amount at the time the lease expires in dollars
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