8 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 Second birthday: Third birthday: Fourth birthday: Fifth birthday Sixth birthday: $ 790 $ 790 $890 $890 $ 990 $ 990 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $370,000 Required: If the relevant interest rate is 11 percent for the first six years and 7 percent for all subsequent years, what is the value of the policy at the child's 65th birthday? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Child's 65th birthday