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: Second birthday: Third birthday: Fourth birthday: Fifth birthday: Sixth birthday: $ 930 $ 930 $ 1,030 $ 1,030 $ 1,130 $ 1,130 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $240,000. 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 Problem 5-29 Simple Interest versus Compound Interest (LO 4] First Simple Bank pays 9.8 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. What rate should First Complex Bank set if it wants to match First Simple Bank over an investment horizon of 7 years? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate %