How to close the Wealth Gap and Engage in Intergenerational Wealth Transfer? After participating in Professor Toure's FINA 222 class, Nyla, a 20-year-old Bowie State University student, wants to accumulate 2.7 million over the next 45 years to supplement her retirement income from social security and transfer wealth to her kids. To reach her goal, she wants to buy a low-cost index fund that tracks the market's performance and earns an average annual yield of 10%.

A. How much money does Nyla need to start investing today by making equal, annual, end-of-year investments in a low-cost index fund to reach her goal of accumulating $2.7 million when she retires in 45 years? Use the following Time Value of Money formula: FV = PV * ([1 + I]^N - 1 ) / I Where: FV = future value PV = present value or principal (Annual Investment) I = annual interest rate N = number of years before your retirement age or 65.