Your grandparents put $1,000 into a saving account for you when you were born 30 years ago. This account has been earning interest at a compound rate of 7%. What is its value today?
a
Amount Deposited every year
mce_markernbsp; 1,000.00
by grandparents
b
Period (Years)
30
c
Interest rate(Compounded annually)
7%
d
Value after 30 years
$94,460.79
Future value of $1000 stream of payment for 30 years earned at 7%