1.26% is incorrect

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. Using the 1949 oil price and the 1970 oil price, compute the annual growth rate in oil prices during those 21 years. (Round your answer to 2 decimal places. Use percentage sign)