Q$7.$ Anna wants to buy an insurance plan for her newborn. To purchase the policy, Anna needs

to pay make the following payment to the insurance company.

No more payment is required after the seventh birthday. The policy will pay Anna's child

$$300,000$ on her child's ${60}^{th}$ birthday. If the relevant interest rate is $10\%$ per year and Anna's

child will live beyond ${60}^{th}$ birthday, is this policy worth buying? Why? $[2$ marks$]$