I am curious as to how to solve this.

(Related to Checkpoint 5.4) (Present value) Sarah Wiggum would like to make a single investment and have $2.4 million at the time of her retirement in 35 years. She has found a mutual fund that will earn 7 percent annually. How much will Sarah have to invest today? If Sarah earned an annual return of 16 percent, how soon could she then retire? a. If Sarah can earn 7 percent annually for the next 35 years, the amount of money she will have to invest today is $ (Round to the nearest cent.)