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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

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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 the child's birth. For this policy, the purchaser (say, the parent) makes the following six payments to the insurance company: $ 850 First birthday Second birthday Third birthday $850 $950 Fourth birthday $850 $1,050 Fifth birthday Sixth birthday $950 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $350,000. If the relevant interest rate is 10 percent for the first six years 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.) Future value

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