{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-22T06:06:46-04:00", "answer_date": "2024-05-22 06:06:46", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1496945", "url": "\/study-help\/questions\/an-insurance-company-is-offering-a-new-policy-to-its-1496945", "question_creation_date_js": "2024-05-22T06:06:46-04:00", "question_creation_date": "May 22, 2024 06:06 AM", "meta_title": "[Solved] An insurance company is offering a new po | SolutionInn", "meta_description": "Answer of - An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandpa | SolutionInn", "meta_keywords": "insurance,company,offering,new,policy,customers,typically,bought,parent,grandparent,child,s", "question_title_h1": " An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child", "question_title": " An insurance company is offering a new policy to its customers.", "question_title_for_js_snippet": "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 $ 850 Second birthday $ 850 Third birthday $ 950 Fourth birthday $ 950 Fifth birthday $ 1,050 $ 1,050 Sixth birthday After the child's sixth birthday, no more payments are made When the child reaches age 65, he or she receives $220,000 If the relevant interest rate is 10 percent for the first six years and 6 percent for all subsequent years, what is the value of the policy at the child's 65th birthday (Do not round intermediate calculations and round your answer to 2 decimal places, e g , 32 16 ) Answer is complete but not entirely correct Child's 65th birthday $ 37,301 00", "question_description": "\"image", "transcribed_text": "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: $ 850 Second birthday: $ 850 Third birthday: $ 950 Fourth birthday: $ 950 Fifth birthday: $ 1,050 $ 1,050 Sixth birthday: After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $220,000. If the relevant interest rate is 10 percent for the first six years and 6 percent for all subsequent years, what is the value of the policy at the child's 65th birthday? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Child's 65th birthday $ 37,301.00", "related_book": { "title": "College Accounting", "isbn": "1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192", "edition": "20th Edition", "authors": "Heintz and Parry", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/73.jpg", "uri": "\/textbooks\/college-accounting-20th-edition-73", "see_more_uri": "" }, "free_related_book": { "isbn": "0367492172", "uri": "\/textbooks\/complexities-of-financial-globalisation-1st-edition-978-0367492175-260618", "name": "Complexities Of Financial Globalisation", "edition": "1st Edition" }, "question_posted": "2024-05-22 06:06:46", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/for-2020-cost-of-goods-available-for-sale-for-blossom-332879", "description": "For 2020, cost of goods available for sale for Blossom Corporation was $5500000. 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