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(Related to Checkpoint 5.4) (Present value) Sarah Wiggum would like to make a single...

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Finance

(Related to Checkpoint 5.4) (Present value) Sarah Wiggum would like to make a single investment and have $2.0 million at the time of her retirement in 35 years. She has found a mutual fund that will earn 4 percent annually. How much will Sarah have to invest today? If Sarah earned an annual return of 14 percent, how soon could she then retire?

a. If Sarah can earn 4 percent annually for the next 35 years, the amount of money she will have to invest today is $blank. (Round to the nearest cent.)

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