Max and Felicia would like to plan for their sons college education. They would like their son, who was born today, to attend a private university for 4 years beginning at age 18. Tuition is currently $56,000 per year and is expected to increase at an annual rate of 6%. They can earn a rate of return of 8%. How much must they save at the end of each year if they would like to make the last payment at the beginning of their sons first year of college?