A student has $30,000 in her savings account now. In the next 3 years she plans to deposit $10,000 at the end of each year (the first time in 1 year from now). She receives the 1 year interest rate at the end of each year. She will put her money in for three years. From the current spot rates, she can derive the future interest rates. These will be:

• 7% for the 1^st year
• 9% for the 2^nd year
• 8% for the 3^rd year

How much will she have after 3 years ?