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	$	800
Second birthday	$	800
Third birthday	$	900
Fourth birthday	$	850
Fifth birthday	$	1,000
Sixth birthday	$	950

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $300,000. If the relevant interest rate is 10 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?

Future value

$