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?
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a
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Amount Deposited every year
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mce_markernbsp; 1,000.00
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by grandparents
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b
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Period (Years)
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30
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c
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Interest rate(Compounded annually)
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7%
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d
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Value after 30 years
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$94,460.79
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Future value of $1000 stream of payment for 30 years earned at 7%
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