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:	$	1,000
Fifth birthday:	$	1,100
Sixth birthday:	$	1,100

After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $231,000.

Required:

If the relevant interest rate is 9 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? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Child's 65th birthday

$