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	$700
Second birthday	$780
Third birthday	$850
Fourth birthday	$850
Fifth birthday	$900
Sixth birthday	$950
Seventh birthday	$1,000

After the child's seventh birthday, no more payments are made. When the child reaches age 60, he or she receives $160,000. If the relevant interest rate is 9.2 percent for the first seventh years and 5.2 percent for all subsequent years, is the policy worth buying? Please show steps for full credit.