A Trine graduate takes a new job at XYZ Corporation for a starting salary of $65,000 and he/she doesn't get a raise for 8 years. The graduate is concerned about his/her real salary after 8 years with respect to the rise in inflation because the dollar's purchasing power has decrease by 1/4 of their previous value over those 8 years. What has been the inflation rate over those 8 years? (Circle closest answer) 19% 21% 23% 27