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 S35,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 4%? Click the icon to view the table. The annual sinking fund payment is S. (Round to the nearest cent as needed.)

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