An insurance company is offering a new policy to its customers. Such a policy is typically bought by parents or grandparents at the time the baby is born. The details of the policy are shown below. Assume the child is born today.

You pay premiums as follows: Today, at the time of birth of the child, you pay $500. First birthday $600, Second birthday $700, Third birthday $800, Fourth birthday $900, Fifth birthday $1,000 and Sixth birthday $1,100. There are no payments due after the childs sixth birthday. When the child reaches age of 65, he or she receives $500,000. If the relevant interest rate is 9% CQ for the first 6 years and 7% CM for all subsequent years, is the policy worth buying?