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Mix crushed pretzels, melted butter, and sugar. Press into a 9×13-inch pan. Bake for 10 minutes, then cool completely.
Beat cream cheese and sugar until smooth. Fold in whipped topping. Spread evenly over cooled crust. Chill for 30 minutes.
Dissolve gelatin in boiling water, let cool slightly. Arrange peaches over cream layer, then pour gelatin over the top.
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