You are thrilled when your first grand-daughter is born, and want to set up a fund to fully pay for her college.  You think that college will cost $70,000 per year when she starts to attend – 18 years from now – and you want the money to pay for all four years.  Given a discount rate of 7 percent, compounded annually, how much do you need to put aside when she is born to be able to fully fund her college?