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.)