1 oil prices have increased a great deal in the last decade. The following table shows the average oil price for each year since 1949. Many companies use oil products as a resource in their own business operations (like airline firms and manufacturers of plastic products). Managers of these firms will keep a close watch on how rising oil prices will impact their costs. The interest rate in the PV/FV equations can also be interpreted as a growth rate in sales, costs, profits, and so on. 0.4 points 8 02:12:10 Book References Year 1949 1950 1951 1952 1953 1954 1955 1956 1957 1956 1959 1960 1961 1962 1963 1964 1965 1966 1967 1960 1969 1970 1971 Average Oil Prices Per Per Tarrel Year Barrel Year $2.54 1972 $ 3.39 1995 $2.51 1973 $ 3.89 1996 $2.53 1974 $ 6.87 1997 $2.53 1975 $ 7.67 1998 $2.68 1976 $ 8.19 1999 $2.78 1977 $ 8.57 2000 $2.77 1978 $ 9.00 2001 $2.79 1979 $12.64 2002 $3.09 1980 $21.59 2003 $3.01 1981 $31.77 2004 $2.90 1982 $28.52 2005 $2.88 1983 $26.19 2006 $2.89 1984 $25.80 2007 $2.90 1985 $24.09 2008 $2.89 1986 $12.51 2009 $2.00 1987 $15.40 2010 $2.86 1980 $12.58 2011 $2.88 1989 $15.86 2012 $2.92 1990 $20.03 2013 $2.94 1991 $16.54 2014 $3.09 1992 $15.99 2015 $3.18 1993 $14.25 2016 $3.39 1994 $13.19 2017 Per Barrel $14.62 $18.46 $17.23 $10.87 $15.56 $26.72 $21.84 $22.51 $27.54 $38.93 $46.47 $58.30 $64.67 $91.48 $53.48 $71.21 $87.04 $93.02 $97.91 $93.26 $48.69 $43.14 $50.00 Using the 1949 oil price and the 1963 oil price, compute the annual growth rate in oil prices during those 14 years. (Round your answer to 2 decimal places.) Annual growth rate %