You would like to begin saving for your child's college education. You estimate the tuition will be $70,000 per year for a period of 4 years. Your child will enroll in college 15 years from now. You plan on making annual contributions into a college savings account at the end of each year which you estimate will yield an effective annual rate of return of 7%. How much should you contribute into the savings account annually to have enough saved when your child begins college