Answer
estimated raise = 1500
actual raise = 1581.63
Work Step by Step
The number of professors = 196
Raise amount to be distributed = 310000
Therefore, the estimated raise amount obtained by each professor is:
$= 300000 / 200$
$= 1500$
Actual raise amount obtained by each professor:
$= 310000 / 196$
$= 1581.63$
