Liam Company signed a lease for an office building for a period of 12 years. Under...
Liam Company signed a lease for an office building for a period of 12 years. Under the lease agreement, a security deposit of $8,200 is made. The deposit will be returned at the expiration of the lease with interest compounded at 5% per year.
What amount will Liam receive at the time the lease expires?
(Round answer to 2 decimal places, e.g.
25.25.)
Homework Answers
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=8200*(1.05)^12
=8200*1.79585633
=$14726.02(Approx).
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