If I were in your shoes, I would invest that money in the West Virginia 529 Select plan, which is managed by Dimensional Fund Advisors (DFA), and specifically in the Static, All-Equity portolio.

With the 529, a variety of folks may contribute -- including parents, grandparents, relatives, and even friends -- and if the grandson decides that college is not for him, the account may be transferred to another grandchild as discussed HERE.

Kevin