and Jane Sparks are establishing a college fund for their 1-year-old daughter, nifer. They want to save enough now to pay college tuition at the time she ers college (17 years from now). If her tuition is projected to be $35,000 for two-year degree, what annual sinking fund payment should they establish if the annual interest is 6%?

The annual sinking fund payment is $

(Round to the nearest cent as needed.)