Question: (Future value) Sarah Wiggum would like to make a single lump-sum investment and have $1.7 million at the time of her retirement in 28 years.

(Future value) Sarah Wiggum would like to make a single lump-sum investment and have $1.7 million at the time of her retirement in 28 years. She has found a mutual fund that expects to earn 5 percent annually. How much must Sarah invest today? If Sarah earned an annual return of 16 percent, how much must she invest today?

If Sarah can earn 5 percent annually for the next 28 years, how much will she have to invest today?

$ (Round to the nearest cent.)

If Sarah can earn 16 percent annually for the next 28 years, how much will she have to invest today?

$ (Round to the nearest cent.)

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