Calculate the annual inflation rate between 30th June 1978 when the consumer price index (CPI) was 21.7 and 30th June 2014 when the CPI was 105.9. Note that you should find the annual CPI inflation rate between these dates.

Select one:

a.

4.3774% pa

b.

4.5017% pa

c.

4.6332% pa

d.

4.7727% pa

e.

84.2% pa