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pls answer quick An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for
pls answer quick
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: After the child's sixth birthday, no more payments are made. When the child reaches age 65 , he or she recelves $220,000. If the relevant interest rate is 10 percent for the first six years and 6 percent for al subsequent years, what is the value of the policy at the child's 65 th birthday? Note: Do not round intermediate calculotions and round your answer to 2 decimal ploces, 6.9.32.16 Step by Step Solution
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