You set up a Roth IRA account on the 1st of January, 2000, and deposit $1,000 into it every January 1st starting in 2000 until your retirement on the 31st of December, 2045. Your IRA account has an average rate of return of 5% per year from 2000 through 2045, how much money will you have in your Roth IRA account when you retire on the 31st of December in 2070? Show how you got your calculation.

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