As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $40,000. Assuming an average inflation rate of 3 percent and an equal cost-of-living raise, what will his salary be in 9 years? (Hint: Use Appendix A.1.) Round your answer to nearest whole dollar.

$_____

What will his salary be in 21 years? Round your answer to nearest whole dollar. $_____

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 answer to nearest whole dollar. Chun must receive raise greater than $___ for the next year and greater than $___ for the year after.