Brief Exercise G-3 Cullumber Company signed a lease for an office building for a

Question

Brief Exercise G-3 Cullumber Company signed a lease for an office building for a period of 8 years. Under the lease agreement, a security deposit of $9,500 is made. The deposit will be returned at the expiration of the lease with interest compounded at 8% per year. Click here to view the factor table Future Value of 1 lick here iew lue of an Annui (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount will Cullumber receive at the time the lease expires? (Round answer to 2 decimal places, e.g. 25.25.) Amount at the time the lease expires g Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Amount at the time the lease expires = $9,500 * 1.85093

Amount at the time the lease expires = $17,583.84

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