Problem:
The annual budget for a University Department has been increasing by the same percentage each year and is expected to continue to increase at this percentage rate annually for the foreseeable future. This year the budget is $1.65 million and two years from now is projected to be $1.94 million. Given this, determine the annual percentage rate of increase for the budget. Give your results as a percentage, accurate to two decimal places. Please explain your all workings and provide step by step solution.