Sarah Wiggum

Sarah Wiggum would like to make a single investment and have ​1.6 million at the time of her retirement in 26 years. She has found a mutual fund that will earn 5 percent annually. How much will Sarah have to invest​ today? If Sarah earned an annual return of 117 ​percent, how soon could she then​ retire?  

a.  If Sarah can earn 5percent annually for the next 26 ​years, the amount of money she will have to invest today is ​$

___. ​(Round to the nearest​ cent.)

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