Problem 5-60 Future Value and Multiple Cash Flows [LO 1] 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 $ 890 Second birthday: $ 890 Third birthday $ 990 Fourth birthday $ 990 Fifth birthday $ 1,090 Sixth birthday $ 1,090 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $230,000 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