An investment firms offers its customers a 30-year savings plan in an IRA account with the following terms:
7% interest for the first five years, 9% interest for the next 15 years, and 6% interest for the final ten years.
The deposits in the plan are annual with the first deposit scheduled a year from today.
The annual deposits are a fixed amount during the 30-year period.
The balance of the account will be paid in full at the end of the 30-year plan.
Question: What is the value of the annual fixed deposit needed to secure $2,000,000 30 years from now? Use excel please:)