Answer
$\$ 126,455.24$
Work Step by Step
An annuity is an account earning compound interest from which periodic withdrawals are made.
Suppose that the account starts with a balance of PV.
If you receive a payment of PMT at the end of each compounding period , and the account is down to $\$ 0$ after t years,
or n=mt periods, then
$ PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i},\qquad$where $i=\displaystyle \frac{r}{m}$
-------------------------
given: $\\$
$t=15$ years,
annual rate: r =$0.05$
m=$12 \ \ \ $compounding periods per year,
$\displaystyle \mathrm{i}=\frac{r}{m}=\frac{0.05}{12} \ \ $(rate per compounding period$)$
$n=mt=180 \ \ $(total number of periods)
$PV=PMT\displaystyle \cdot\frac{1-(1+i)^{-n}}{i}$
$=1000\displaystyle \cdot\frac{1-(1+\frac{0.05}{12})^{-180}}{\frac{0.05}{12}}$
$\approx$126455.242706
