The terms of a single parent's will indicate that a child will receive an ordinary annuity of $17,000 per year from age 18 to age 24 (so that the child can attend college) and that the balance of the estate goes to a niece. If the parent dies on the child's 14th birthday, how much money must be removed from the estate to purchase the annuity? (Assume an interest rate of 8%, combounded annually. Round your answer to the nearest cent.) $