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Do the Math $1-2$

Future Value

As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $$59,000.$ 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 $21$ 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.