Mr. Chan is setting a saving target in order to pay for his sons college tuition. His son is currently 6 years old and will begin college when he turns 18 years old. Currently total college expenses for 4 years is $473,000, but are expected to grow at 3% per year. Mr. Chan can earn 7% on his savings. How much should the saving target of Mr. Chan be? That is, the amount needed for the college expenses when his son turns 18 years old?