At the beginning of 2015, a retired person is shopping for a retirement annuity, which is an investment policy that will give him fixed monthly payments for the rest of his life. He would like the amount of his
annuity payments to more than keep up with the rate of inflation. He
decides that he will choose a policy that issues payments that increase
annually at a rate that is at least 1.5% greater than the average yearly
compounded rate of inflation calculated from the period that extends
from the second half of 2005 through the first half of 2008. What
should be the minimum annual rate of increase in his monthly annuity
payments, correct to the nearest tenth?