Question: An engineer's salary was $55,000 in 2002. The same engineer's salary in 2007 is $70,000. If the company's salary policy dictates that a yearly raise

An engineer's salary was $55,000 in 2002. The same engineer's salary in 2007 is $70,000. If the company's salary policy dictates that a yearly raise in salaries reflect the cost of living increase due to inflation, what is the average inflation rate for period 2002-2007? Please show work and don't use excel, thanks

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