the 300 figure comes from the common rule of "50x per inch of aperture" so with your scope that comes out at 300x.
However, the only time you will ever really get to use this is when you have perfect seeing, meaning the eyepiece will rarely get used. You may be better off getting an eyepiece around the 8-10mm mark anyway if you want an eyepiece for higher power viewing, or alternatively getting a 2x barlow which will be the same as an 8.5mm eyepiece when used with your 17mm eyepiece that you already have.
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