Tristin and Kim Denley are establishing a college fund for their 1-year-old daughter, Chloe. 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 $35,000 for a two-year degree, what annual sinking fund payment should they establish if the annual interest is 8%? Use Table 14-2, the formula, or a calculator application?