Equation 5+5+5=550 riddle

How can you make the following equation true by drawing only one straight line: 5+5+5=550 ?




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Queen Elizabeth organised a royal party.

To Avoid uninvited guest royal family set a password.
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Jack thought is enough and he walked to the entry point. The security person said 'eight' , Jack replied smilingly 'four'.
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We have arranged four hats in the below picture to assist you.

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In 2007, a puzzle was released and $2 million prizes were offered for the first complete solution. The competition ended at noon on 31 December 2010, with no solution being found. Wiki