According to the classical Quantity Theory of Money, the equation of exchange can be expressed in percentage growth terms as:

$$\%\Delta M+\%\Delta V\approx \%\Delta P+\%\Delta Y$$

In a given financial year, a central bank increases the broad money supply ($M$) by 7.5%. Over the same period, a shift in liquidity preference causes the velocity of circulation ($V$) to decrease by 1.5%, while real national output ($Y$) increases by 2.0%.

What is the resulting annual rate of inflation ($\%\Delta P$) predicted by this model?