Answer
Each professor receives a raise of about \$$1000$.
Work Step by Step
A raise of \$$310,000$ is evenly distributed among $294$ professors.
If there are $294$ professors, and the raise of \$$310,000$ is to be evenly distributed, then the estimated amount that each professor receives is:
$300,000 \div 300 \approx 1000$
Each professor receives a raise of about \$$1000$.
