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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: $ 810 Second birthday: $ 810 Third birthday: $ 910 Fourth birthday: $ 910 Fifth birthday: $ 1,010 Sixth birthday: $ 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

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 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 65 th birthday? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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