IF Command - Too Many Levels, Alternative?

[wtaggin]

I am trying to use the command below to report what type of bonus is to be awarded. .05% - 1% bonus, commission based.

=IF(E7>=0.12,1,IF(AND(E7>=0.115,D11<=0.1199),".09",IF(AND(E7>=0.11,E7<=0.1149),".08",IF(AND(E7>=0.105,E7<=0.109),0.07,IF(AND(E7>=0.10,E7<=0.1049),"0.06",IF(AND(E7>=.095,E7<=.099),".5",IF(AND(E7>=.09,E7<=.0949),".04",IF(AND(E7>=.085,E7<=.0899),".03",IF(AND(E7>=.08,E7<=.08499),.025, IF(AND(E7>=.07,E7<=.0799),".15",IF(AND(E7>=.065,E7<=.0699),".005")))))))

It is telling me there are too many levels. I am not an Excel expert, so I am trying to figure out an alternative to this command, I am sure one is available.

Thanks, in advance!

Todd