Update to Ruby version 2.7.5

[mkienow-r7]

Description

Updates the project to use Ruby version 2.7.5.

Motivation and Context

Update to the latest 2.7.x stable version and help resolve issues M1 Mac users might encounter when attempting to install 2.6.6.

How Has This Been Tested?

• Installed Ruby 2.7.5 using rbenv and installed gems

rbenv install 2.7.5
gem install bundler
bundle install

• rake tests

Types of changes

• New feature (non-breaking change which adds functionality)

Checklist:

• I have updated the documentation accordingly (or changes are not required).
• I have added tests to cover my changes (or new tests are not required).
• All new and existing tests passed.