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No one spends time on job solving "classical algorithmic problems", they are solved already ;) Unless you work in research and looking for more efficient solutions.

But understanding algorithms brings you to a new level and opens a wide scope of other problems you can solve by applying this knowledge.

If you are not using knowledge about algorithms in your programming job it doesn't mean such knowledge is useless. Maybe that means your problems are not hard enough for this knowledge to be applied.

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