Your friend told you about an income scheme which can give you additional income.The term of the scheme is 15 years. The scheme is to deposit $30,000 annually for up to 7 years. The scheme matures in 15 years. Upon maturity, it will give you $400,000. No further deposit is required from year 8 to year 14.

All deposits and withdrawal are made at the end of the year. Assume that the current interest rate is 5%. Is this a good scheme? Explain your answer. 

If the scheme pays $400,000, what is the actual interest rate paid on this scheme? Use excel function to solve this problem?