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On August 1, a student signed a lease for an apartment for a period of three years. Under the lease agreement, a security deposit of $500 is required with the deposit to be returned at the expiration of the lease, with 10% interest compounded semiannually. What amount will the student receive at the time the lease expires?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M957528

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