15 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. 10 15 Average Oil Prices Year 10 points 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 Per Barrel $2.54 $2.51 $2.53 $2.53 $2.68 $2.78 $2.77 $2.79 $3.09 $3.01 $2.90 $2.88 $2.89 $2.90 $2.89 $2.88 $2.86 $2.88 $2.92 $2.94 $3.09 $3.18 Year Per Barrel Year Per Barrel 1971 $ 3.39 1993 $14.25 1972 $ 3.39 1994 $13.16 1973 $ 3.89 1995 $14.62 1974 $ 6.87 1996 $18.46 1975 $ 7.67 1997 $17.23 1976 $ 8.19 1998 $10.87 1977 $ 8.85 1999 $15.56 1978 $ 9.00 2000 $26.72 1979 $12.64 2001 $21.84 1980 $21.59 2002 $22.51 1981 $31.77 2003 $27.54 1982 $28.52 2004 $38.93 1983 $26.19 2005 $46.47 1984 $25.88 2006 $58.30 1985 $24.09 2007 $64.67 1986 $12.51 2008 591.48 1987 $15.40 2009 553.48 1988 $12.58 2010 571.21 1989 $15.86 2011 587.04 1990 $20.0 2012 593.02 1991 $16.54 2013 597.91 1992 $15.99 2014 593.26 2015 548.79 Using the 1949 oil price and the 1978 oil price, compute the annual growth rate in oil prices during those 29 years. (Round your answer to 2 decimal places.)