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Norma-Jean [14]
3 years ago
14

Dwayne Wade Company recently signed a lease for a new office building, for a lease period of 10 years. Under the lease agreement

, a security deposit of $12,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 5% per year.
What amount will the company receive at the time the lease expires?
Business
1 answer:
kotykmax [81]3 years ago
3 0

Answer:

The correct answer is "$19,546.74".

Explanation:

The given values are:

Amount,

= $12,000

Years,

= 10

Interest rate,

= 10%

Now,

The future value will be:

⇒  Future \ value=Amount\times (1+Rate)^{Years}

On substituting the given values in the above formula, we get

⇒                        =12000\times (1+5 \ percent)^{10}

⇒                        =12000\times (1+0.05)^{10}

⇒                        =12000\times (1.05)^{10}

⇒                        =19,546.74 ($)

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