3. An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child's birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company: First birthday $700 Second birthday $780 Third birthday $850 Fourth birthday $850 Fifth birthday $900 Sixth birthday $950 Seventh birthday $1,000 After the child's seventh birthday, no more payments are made. When the child reaches age 60, he or she receives $160,000. If the relevant interest rate is 9.2 percent for the first seventh years and 5.2 percent for all subsequent years, is the policy worth buying