A university's budget amounts to $100,000 million. Over the next 10 years, the budget is expected to

Question:

A university's budget amounts to $100,000 million. Over the next 10 years, the budget is expected to increase by 50% as the result of an expansion program. The estimated budget ten years hence is projected to be $500,000 million. Assuming budget increment at uniform annual expansion over the next 10 years, what is the annual rate of inflation of the budget amount that the university expects?