As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $48,000. Assuming an average inflation rate of 3 percent and an equal cost-of-living raise, what will his salary possibly become in 8 years? (Hint: Use Appendix A-1.) Round your answer to the nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places. $ What will his salary be in 24 years? Round your answer to the nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places. $ To make real economic progress, how much of a raise (in dollars) does Chun need to receive next year and the year after? Round your answers to the nearest dollar. Chun must receive raise greater than $ for the next year and greater than $ for the year after.
As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $48,000. Assuming an average inflation rate of 3 percent and an equal cost-of-living raise, what will his salary possibly become in 8 years? (Hint: Use Appendix A-1.) Round your answer to the nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places.
$
What will his salary be in 24 years? Round your answer to the nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places.
$
To make real economic progress, how much of a raise (in dollars) does Chun need to receive next year and the year after? Round your answers to the nearest dollar.
Chun must receive raise greater than $ for the next year and greater than $ for the year after.
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