$-,$ Inc., a high$-$tech company in San Diego, whose stock trades on the NYSE exchange, uses a MARR of $32\%$ per year. If the chief

financial officer $($CFO$)$ said the company expects to make a real rate of return of $21\mathrm{.}7\%$ per year on its investments over the next $8-$year

period, what is the company expecting the annual inflation rate to be over that time period?

The company is expecting the annual inflation rate to be

$\%$ per year.