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The population of a town in the year 1990 was $2800$ people. In 1995, it was $3200$, 2000 it was $3800$, and in 2005 it was $5500$ people.

Based on the exponential regression equation, what is the percent annual growth of the town's population

A

$3\%$

B

$4\%$

C

$5\%$

D

$6\%$

E

$7\%$

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