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(Related to Checkpoint 5.4) (Present value) Sarah Wiggum would like to make a single investment and have $2.3 million at the time of her retirement

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(Related to Checkpoint 5.4) (Present value) Sarah Wiggum would like to make a single investment and have $2.3 million at the time of her retirement in 32 years. She has found a mutual fund that will earm 5 percent annually. How much will Sarah have to invest today? If Sarah earned an annual return of 15 percent, how soon could she then retire? a. If Sarah can eam 5 percent annually for the next 32 years, the amount of money she will have to invest today is $ (Round to the nearest cent) b. If Sarah can eam an annual return of 15 percent, the number of years until she could retire is years. (Round to one decimal place.)

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