Growing Annuity Payments You wish to accumulate $1 million by your retirement date, which is 30 years from now. You will make 30 deposits in your bank, with the first occurring today. The bank pays 7% interest, compounded annually. Because of expected inflation, you anticipate an annual raise of 2%, so you will let the amount you deposit each year also grow by 2% (i.e., your second deposit will be 2% greater than your first, the third will be 2%