As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $54,000. Assuming an average inflation rate of 3 percent and an equal cost-of-living raise, what will his salary be in ten years? In 20 years? To make real economic progress, how much of a raise (in dollars) does Chun need to receive next year and the year after?

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Future salary of chun with respect to inflation rate Future value presen... View the full answer