Question

1) Janis Company signed a lease for a rental unit for 15 years. Under the lease agreement, a deposit of $6,000 is made. The deposit will be returned at the expiration of the lease with interest compounded at 4% per year. What amount will Jones Company receive at the time the lease expires?

Answer 1

1.80094

Step-by-step explanation:

The Value received =FVF4%,15*A

= 1.80094*6000

= $ 10805.64

FVF=(1+.04)^15 =1.80094