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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 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: $750 Second birthday: $750 850 $ Third birthday: 850 Fourth birthday: $ 950 $ 950 Fifth birthday: Sixth birthday: Each payment grows at an annual r of 10 percent. Calculate the Value in the account immediately after the child's 6th birthday. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Future value
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