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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

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 childs 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: $ 930
Second birthday: $ 930
Third birthday: $ 1,030
Fourth birthday: $ 1,030
Fifth birthday: $ 1,130
Sixth birthday: $ 1,130

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