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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 35 years. She has found a retirement fund that will earn 4% annually.
How much will Sarah have to invest today? If she earned an annual return of 18%, how soon could she then retire?
Verified Expert
This is a time value of money question requiring to calculate the initial investment to reach the desired investment. In addition, it also requires calculating the minimum period in which the lump sum can be calculated.
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