Problem 6-70 Future Value and Multiple Cash Flows [LO1] 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 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: $ 870 $ 870 $ 970 $ 850 $ 1,070 $ 950 After the child's sixth birthday, no more payments are made. When the child reaches age 65, he or she receives $370,000. 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 payments at the child's 65th birthday. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value $ 7,121.48