for Ch.5 14 (of 14) 14. 101 points An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent tails of the policy are as follows: The purchaser (say parent) makes the following six payments to the insurance company S 800 S 800 S 900 S 900 $ 1,000 $ 1,000 Second birthday: Third birthday Fifth birthday Sixth birthday: After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $350,000. Required If the relevant interest rate is 10 percent for the first slix years and 7 percent for all subsequent years, what is the value of the policy at the child's 65th birthday? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16)) Child's 65th birthday References eBook & Resources