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: After the child's sixth birthday, no more pryments are made. When the child reaches age 65 , he or she receives $120,000. If the relevant interest rate is 9 percent for the first six years and 5 percent for all subsequent years, what is the value of the policy at Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.9., 32.16 . the child's 65 th birthday