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: $ 850
Second birthday: $850
Third birthday: $ 950
Fourth birthday: $ 850
Fifth birthday: $ 1,050
Sixth birthday: $ 950
After the child’s sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $350,000. The relevant interest rate is 10 percent for the first six years and 7 percent for all subsequent years.
Find the future value of the payment at the child’s 65th birthday. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
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