A paper company is considering the purchase of a forest that is estimated to yield an annual return of $60,000 for 8 years, after which the forest will have no value. The company wants to earn 6% on its investment and also set up a sinking fund to replace the purchase price. If money is placed in the fund at the end of each year and earns 4% compounded annually, find the price the company should pay for the forest. Round the answer to the nearest hundred dollars.