you are planning to retire 40 years from now. Once you retire will be withdrawing 60,000$ at the beginning of every year and for another 40 years. To make your retirement plans and for the coming 40 years, you will start depositing at the end of every year a certain amount of money in your bank account. Since you are expecting that your salary will grow by 1% every year for the coming 40 years than you expect your yearly savings to grow by the same rate. If your bank is paying you 6% vAPR compounded monthly. What should be your first deposit so that you can achieve your retirement plan?
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