Problem $5-60$ Future Value and Multiple Cash Flows $[$LO $1]$

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: $ $850$

Second birthday: $ $850$

Third birthday: $ $950$

Fourth birthday: $ $950$

Fifth birthday: $ $1,050$

Sixth birthday: $ $1,050$

After the child$$s sixth birthday, no more payments are made. When the child reaches age $65,$ he or she receives $$220,000.$

If the relevant interest rate is $10$ percent for the first six years and $6$ percent for all subsequent years, what is the value of the policy at the child's $65$th birthday?