stagiai + Facebook Twitter BofA Intuit QuickBooks... Dashboard Chapter 5 Assignment 6 Saved Problem 5-60 Future Value and Multiple Cash Flows (LO 1] 9 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: 2 points eBook References First birthday: Second birthday: Third birthday Fourth birthday: Fifth birthday: Sixth birthday: $ 810 810 $ 910 $ 910 $ 1,010 $ 1,010 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $210,000. 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 65th birthday? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Child's 65th birthday Mc Graw Hill