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Today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday
and will need $50,000 per year at the end of each of following 20 years. You will make a first deposit one year
from today in an account paying 8% interest annually and continue to make an equal amount of deposit each
year up to the year before you plan to retire. If an annual deposit of $6,715 will allow you to reach your goal,
what birthday are you celebrating today?
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