8-55. A machine cost $2,550 on January 1, 2014, and $3,930 on January 1, 2018. The average...

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8-55. A machine cost $2,550 on January 1, 2014, and $3,930 on January 1, 2018. The average inflation rate over these four years was 7% per year. What is the true percentage increase in the cost of the machine from 2014 to 2018? (8.2)

(a) 14.95%

(b) 54.12%

(c) 7.00%

(d) 17.58%

(e) 35.11%

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