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Sheffield Corp. maintains its accounting records using IFRS. The company recently signed a lease for a new office building, for a lease period of 9 years. Under the lease agreement, a security deposit of $44000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 8% per year. What amount will the company receive at the time the lease expires?

User LikerRr
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Answer:$75,680

Explanation:8% of 44000=3,520. For 9years= 3520×9=31680. Total money at the end= principal+interest= 44000+31680=75680

User Eric Clack
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