I need to calculate the present value of an annuity where the base payment
increases by a fixed percent each period, thus compounds on itself each
period.

To clarify what I mean by compounding on itself: e.g. payment increases by
3% each period. So, period 1 payment is $1,000, period 2 payment is $1,030
(1,000*(1+.03)), period 3 payment is $1,060.90 (1,030*(1+.03)), and so on for
however many periods.

The base information for one annuity case I am working with is a monthly
payment to a beneficiary of $1,889 that increases 3% annually (so, .25%
monthly) for a period of 30 years (360 months). The annual interest rate to
apply is 4.9%. Is there an Excel function that can handle this all in one
step? In order to calculate the correct present value, I have had to setup
several columns worth of formulas that do the monthly payment compounding and
then figure the present value based on the series of continually increased
payments. I've tried using the PV function alone by inputting the base
information into the PV function, but I do not get a proper PV calculation.

I hope I have explained this clearly enough. I'd be happy to answer any
questions about what I am trying to explain if needed.

Any thoughts would be greatly appreciated. Thank you in advance for your
time.

-bk