Mayer Company signed a lease for an office building for a period of 11 years....
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Mayer Company signed a lease for an office building for a period of 11 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 11% 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 Mayer receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.) Amount at the time the lease expires?
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