Question: (Future value) Sarah Wiggum would like to make a single lump-sum investment and have $1.6 million at the time of her retirement in 30 years.

(Future value) Sarah Wiggum would like to make a single lump-sum investment and have $1.6 million at the time of her retirement in 30 years. She has found a mutual fund that expects to earn 7 percent annually. How much must Sarah invest today? If Sarah earned an annual return of 15 percent, how much must she invest today?

a. If Sarah can earn 7 percent annually for the next 30 years, how much will she have to invest today? $_________(Round to the nearest cent)

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