You just became a proud parent today. Congratulations! You want to start saving for your child's college fund. The tuition for all four years at a local university today Is $120,000. Assume this cost will increase at 7% p.a. How much will you need to save every year to have a fully funded (all four years) college fund when your child turns 18 at a ROR of 8%? Round up to the nearest dollar.