You have estimated that, to live comfortably during your retirement, you will need to have a balance of $5,000,000 by the time you retire in 35 years. You are expecting to earn an average of 8.5%/year. Assuming that you have nothing saved yet, and that you want to make the same annual contributions at the end of every year, calculate how much will your annual contributions need to be to achieve your goal?

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