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Suppose that the starting nominal salary for a new assistant professor in economics was $14,000 for the academic year 1973-74. For the academic year 2015-2016, it was $120,000. In 1973-74 the CPI was 46.8 and for 2015-16 it was 238.1. What was the annual growth rate in the nominal salary? What was the annual growth rate in the real salary?

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