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 sixth birthday, no more payments are made. When the

child reaches age $65,$ he or she receives $$240,000.$

If the relevant interest rate is $10$ percent for the first six years and $6$ percent

for all subsequent years, what is the value of the policy at the child's $65$th

birthday?

Note: Do not round intermediate calculations and round your answer to

$2$ decimal places, e$.$g$.,32\mathrm{.}16.$