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A punch press cost $774000 only 8 years ago. But that same press costs $1546000 today. Based on this information, choose the closest value to

A punch press cost $774000 only 8 years ago. But that same press costs $1546000 today. Based on this information, choose the closest value to the average rate of inflation per year.

6.77%

9.03%

None of the given answers

4.52%

13.55%

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