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Why is it said “Turing machines are equivalent to modem electronic computers at a certain theoretical level”?

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In 1887, Herman Hollerith an American made first electromechanical punched cards with instructions for input and output. The card contained holes in a particular pattern with special meaning. The Us Census Bureau had large amount of data to tabulate, that will take nearly 10 years. 

By this machine this work was completed in one year. In 1896, Hollerith started a company Tabulating Machine Corporation. Now it is called International Business Machines(IBM).

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