Hello! Please help me with this problem dealing with inflation/realominal conversions. Try to explain it in as much detail as possible! Thank you.

Question 5 20 pts Your salary last year was $42713. Your performance earned you a 3.5% nominal salary increase. Inflation over the past one-year was 1.6% What real percentage raise did you earn? State your answer as a percentage to 2 decimal points. For example 5.16% Do not include the symbol, just give the number