$7.$ 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:

After the child$$s $6$th birthday, no more payments are made. When the child reaches age $60,$ he or she receives $$1,500,000.$ If the relevant interest rate is $14\%$ for the first six years and $12\%$ for all subsequent years, is the policy worth buying? Why? $($round your final answer to $2$ decimals$)$

Answer showing how to use a financial calulator to solve