Is this time-value of money calculation correct?

Yes it seems to be a typo, either in the setup or in the formula that is used. The formula used in the book would be correct if you deposited $1,000 once and let it grow for 30 years. I would reread the example carefully to make sure you don't miss or misinterpret something, but mistakes like that in finance books are not uncommon.

Also, the example doesn't specify when the deposit is made, whether at the beginning of the first year or the end, so the end result could be up to 8% higher ($122,345.87) if the deposit was made at the beginning of the year versus the end, since you would get one more period of growth.