Hash table determing load factor

I have a file that has 70k words in it. I am trying to determine how big my hashtable should be, I suspect it should be 75 to 80% of the file size (ex. 70000 x .75) If I make it that size, what sort of hash function would be appropriate for use? I am new to hashtables and wonder if I can just make a generic function based on ascii values in the strings, that way it can be completely spontaneous when they get inserted into a bucket. Please help guide me, thank you.

Generally a load factor of 0.75 to 0.5 is recommended, which is where you might have got the 0.75 from.

But load factor = The no. of data entries / Size of Hash Table.

Which implies if you want a load factor of 0.75 you want a hash table of size 70,000 / 0.75 , or 93,000 - 94,000.

On the hash function for strings - a quick google I'm sure will give you examples.

Like this.