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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. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company:

First birthday: $ 920
Second birthday: $ 920
Third birthday: $ 1,020
Fourth birthday: $ 850
Fifth birthday: $ 1,120
Sixth birthday: $ 950

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $420,000. The relevant interest rate is 13 percent for the first six years and 7 percent for all subsequent years.

Find the future value of the payments at the child's 65th birthday. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Future value

$

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