On completion of a doctorate degree in electrical engineering , a student has been offered two jobs. A faculty position in a university pays a starting salary of $45,000 with expected raises of 8% over the next 5 years. A research position in the R&D group of a company has a starting salary of $52,000 with annual raises of 5% over the next 5 years. If inflation rate is expected to be 5% per year and the market interest rate is 15%, find the present equivalent that represents the difference between these two offers, using (a) constant dollar analysis and (b) actual dollar analysis