Two wealthy grandparents want to set aside a large sum of money today in order to pay for their granddaughter's private school tuition. Their granddaughter will start school five years from now, and the grandparents will have to cover twelve years of tuition $(1^{st}$ grade through ${12}^{th}$ grade$).$ Tuition is expected to cost $$17,500$ per year, and interest rates are currently $5\%.$ If the grandparents want to set aside enough today to cover all twelve years of tuition expenses, how much should they set aside? Show steps using a BAIIPlus Calculator