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: 900, 900, 1000, 1000, 1100, 1100.

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

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?