Jinhee Ju. 27, just received a promotion at work that increased her annual salary to $35,000. She is eligible to participate in her employer's 401(k) plan, to which the employer matches dollar-for-dollar workers' contributions up to five percent of salary. However, Jinhee wants to buy a new $29,000 car in 5 years, and she wants to save enough money to make a $5,000 down payment on the car and finance the balance. Also in her plans is a wedding. Jinhee and her boyfriend, Paul, have set a wedding date 2 years in the future, after he finishes medical school. Paul will have $105,000 of student loans to repay after graduation. But both Jinhee and Paul want to buy a home of their own as soon as possible. This might be possible because at age 30, Jinhee will be eligible to access a $53,000 trust fund left to her as an inheritance by her late grandfather. Her trust fund is invested in 7 percent government bonds.

Calculate the amount Jinhee needs to save each year for the down payment on a new car assuming she can earn 8 percent on her savings. (Round to the nearest cent and show your work.)