Question

As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $54,000. c. To beat inflation, (note that inflation is usually about 3%), what is the minimum raise (in dollars) that Chun would need to receive next year

Answer 1

Answer: See explanation

Step-by-step explanation:

Inflation is when the price level of goods and services increase in an economy.

Since Kansas, is eager to enter the job market at an anticipated annual salary of $54,000 while inflation is 3%, the minimum raise that Chun would need to receive next year would be:

= 3% × $54000

= 3/100 × $54000

= 0.03 × $54000

= $1620

The minimum raise will be $1620, therefore he'll be expecting a salary of $54000 + $1620 = $55620