1. Chun Kumora's salary after 11 years will be <u>$63,117.6200</u>.
2. Chun Kumora's salary after 21 years will be <u>$93,429.4900</u>.
3. Chun must receive raise greater than <u>$42,640</u> ($41,000 x 1.04) for the next year and greater than <u>$44,345.6000</u> ($42,640 x 1.04) for the year after.
<h3>How are the future salaries determined?</h3>
The future salaries (values) can be determined using an online finance calculator that compounds with the sum of the average inflation rate of 2% and the cost-of-living raise of 2% for 11 and 21 years, respectively.
<h3>Data and Calculations:</h3>
Future Value in 11 years:
N (# of periods) = 11 years
I/Y (Interest per year) = 4% (2% x 2)
PV (Present Value) = $41,000
PMT (Periodic Payment) = $0
<u>Results</u>:
FV = $63,117.62 ($41,000 + $22,117.62)
Total Interest = $22,117.62
<h3>Future Value in 21 years:</h3>
N (# of periods) = 21 years
I/Y (Interest per year) = 4% (2% x 2)
PV (Present Value) = $41,000
PMT (Periodic Payment) = $0
<u>Results</u>:
FV = $93,429.49 ($41,000 + $52,429.49)
Total Interest = $52,429.49
Learn more about future values at brainly.com/question/24703884
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