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Sarah can earn 5 percent annually

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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 5 percent annually for the next 26 ?years, the amount of money she will have to invest today is ?$ ___. ?(Round to the nearest? cent.)

Reference no: EM132235085

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