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Show me the steps to solve An insurance company is offering a new policy to its customers. Typically the policy is bought by a parent
Show me the steps to solve 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 childs birth. For this policy, the purchaser say the parent makes the following six payments to the insurance company:
First birthday $
Second birthday $
Third birthday $
Fourth birthday $
Fifth birthday $
Sixth birthday $
After the childs sixth birthday, no more payments are made. When the child reaches age he or she receives $ If the relevant interest rate is percent for the first six years and percent for all subsequent years, what would the value of the deposits be when the policy matures? Do not round intermediate calculations and round your answer to decimal places, eg
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