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As part of modernizing the Kennesaw State University campus, the cost of constructing new digital signs all over campus five years ago was $600,000. A KSU civil engineer designing signs that are almost exactly the same estimates the cost today will be $700,000. If the cost had increased only by the inflation rate over the five years, what was the actual inflation rate per year? (Choose the closest answer) 5.61% 3.13% 6.96% 4.86%