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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 $ 900
Second birthday $ 900
Third birthday $ 1,000
Fourth birthday $ 850
Fifth birthday $ 1,100
Sixth birthday $ 950

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $400,000. If the relevant interest rate is 12 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.)

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