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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 purchaser (say, the parent) makes the following six payments to the insurance company:
First birthday: $ 790
Second birthday: $ 790
Third birthday: $ 890
Fourth birthday: $ 850
Fifth birthday: $ 990
Sixth birthday: $ 950
After the childs sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $290,000. The relevant interest rate is 10 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.

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