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Nora is planning for retirement


Nora is planning for retirement. She'd like to retire on her 65th birthday, and then be able to withdraw $45,000 on each following birthday for the next 25 years. She makes yearly deposits starting on her 42th birthday and continuing until her 65th birthday (right before she retires). Her investment accounts earn 5% annual effective interest. How much should her yearly deposits be? Show all work.

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