Sarah Wiggum would like to make a single investment and have $1.8 million at the time of her retirement in 26 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 26 years, the amount of money she will have to invest today is $___. (Round to the nearest cent.)