Joe and Sarah Fabozzi are saving for the college education of their 1 year old daughter, Beth.The Fabozzi'sestimate that college expenses will run $40,000 pear year when their daughter reaches college in 17 years. In other words, the first withdrawal will be made on Beth's 18th Birthday and the last payment will be made on Beth's 17th Birthday.The expected interest rate while saving and in college is 8%.Assume today is Beth's first birthday and the first deposit will be made one year from today.Calculate the annual payment the Fabozzi's must make to theaccount so that their daughter will be completely supported through four years of college. (Enter a positive value and round to 2 decimals)