(Solved): The current gasoline price is \( \$ 3.80 \) per gallon, and it is projected to increase next year b ...

The current gasoline price is \( \$ 3.80 \) per gallon, and it is projected to increase next year by \( 3 \%, 4 \% \) the following year, and \( 7 \% \) the third year. What is the average inflation rate for the projected gasoline price for the next three years? The average inflation rate is \( \% \). (Round to two decimal places.)