You turned 22 today and you want to retire on your 58thbirthday. Starting with the day of your retirement, you would like to have a growing annuity ($40,000 payment on the day of your retirement and growing by 2% each year thereafter for a total of 29 years of payments). You will start saving with equal annual deposits of $5,888.05 into an investment account beginning in one year from today and ending after 26 total deposits. Assume a discount rate of 7%. As of the date of your 55th birthday, your plan is overfunding by how much? Round to the nearest thousands of dollars and use the $ symbol. No decimal places.
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