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 For this policy, the purchaser, say, the parent, makes the following six payments to the insurance company First birthday $ 910 Second birthday $ 910 Third birthday $ 1,010 Fourth birthday $ 850 Fifth birthday $ 1,110 Sixth birthday $ 950 After the childs sixth birthday, no more payments are made When the child reaches age 65, he or she receives $410,000 If the relevant interest rate is 13 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 answer to 2 decimal places, e g , 32 16 ) Future value

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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 childs birth. For this policy, the purchaser, say, the parent, makes the following six payments to the insurance company:


First birthday	$	910
Second birthday	$	910
Third birthday	$	1,010
Fourth birthday	$	850
Fifth birthday	$	1,110
Sixth birthday	$	950

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $410,000. If the relevant interest rate is 13 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 answer to 2 decimal places, e.g., 32.16.)

Future value: