1. An insurance company is offering a new policy for its customers. Typically the policy is bought by a parent or grandparent for a child at the child birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company: After the child's sixth birthday, no more payments are made. When the child reaches age 65 , he or she received $600,000. If the relevant interest rate is 10 percent for the first six years and 8 percent for all subsequent years, is the policy worth buying? Show you work