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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. The purchaser (say, the parent) makes the following six payments to the insurance company: $800 First birthday: Second birthday: Third birthday: $800 $900 Fourth birthday: $ 900 $1,000 Fifth birthday: Sixth birthday: $1,000 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $350,000. The relevant interest rate is 10 percent for the first six years and 7 percent for all subsequent years. Calculate the future value of the payments at the child's 65th birthday. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value

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