Will and Jane Sparks are establishing a college fund for their$1-$year$-$old daughter, Jennifer. They want to save enough now to pay college tuition at the time she enters college $(17$ years from$$ now$).$ If her tuition is projected to be $ $30$ comma $000$ for a$$ two$-$year degree, what annual sinking fund payment should they establish if the annual interest is $8\%$ question marksinking fund payment should they establish if the annual interest is $8\%?$

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The annual sinking fund payment is $.($Round to the nearest cent as needed.$)$