Problem
Felix Jones, a recent engineering graduate, expects a starting salary of $35,000 per year. His future employer has averaged 5% per year in salary increases for the last several years. If inflation is estimated to be 4% per year for the next 3 years, how much, in year-1 dollars, will Felix be earning each year? What is the differential inflation rate in Felix's salary?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.