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	$	500
Second birthday	$	600
Third birthday	$	700
Fourth birthday	$	800
Fifth birthday	$	900
Sixth birthday	$	1,000

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $275,000. If the relevant interest rate is 11 percent for the first six years and 7 percent for all subsequent years, what would the value of the deposits be when the policy matures? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Future value

$