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:$750Second birthday:$750Third birthday:$850Fourth birthday:$850Fifth birthday:$950Sixth birthday:$950After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $250,000. The relevant interest rate is 10 percent for the first six years and 7 percent for all subsequent years.Calculate the future value of the payment at the child's 65^th birthday. (Do not round intermediate calculations and round your finalanswer to 2 decimal places. (e.g., 32.16))

Future value$