Refer to the following in doing Exercises 68–70. A typical new assistant professor at a liberal arts college starts at age 30 with a salary of $45,000, while colleagues retiring now at age 65 may make about twice that. One college gives annual pay raises of inflation plus 1%, plus a promotion raise (to associate professor) of $1500 after (usually) 6 years and another promotion raise (to full professor) of $1500 after (usually) another 6 years.