To calculate the future value of an annuity in Excel, we can use the FV function. Here's how to do it:

1. Open a new Excel spreadsheet.

2. In cell A1, type "Year".

3. In cell B1, type "Contribution".

4. In cell C1, type "Interest".

5. In cell D1, type "Balance".

6. In cell A2, type "1".

7. In cell A3, type "2".

8. Select cells B2:B31 and type "=2400" (without quotes), then press Ctrl + Enter to fill the cells with the contribution amount for each year.

9. In cell C2, type "7%".

10. Select cells C3:C31 and type "=C2" (without quotes), then press Ctrl + Enter to fill the cells with the interest rate for each year.

11. In cell D2, type "0".

12. In cell D3, type "=FV(C2,30,-B2)" (without quotes).

13. Select cells D3:D31, then press Ctrl + D to fill the formula down for each year.

14. Format cells B2:B31 and D2:D31 as currency.

The FV function takes three arguments: the interest rate (C2), the number of periods (30), and the payment amount (-B2 because the contribution is a negative cash flow). The function calculates the future value of the annuity after 30 years.

After completing these steps, you should see the balance of the retirement account in cell D31, which should be about $262,298.

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