Annual growth rate= ____ %

Check my work 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. $2.78 Average Oil Prices Per Per Per Year Barrel Year Barrel Year Barrel 1949 $2.54 1971 $ 3.39 1993 $14.25 1950 $2.51 1972 $ 3.39 1994 $13.16 1951 $2.53 1973 $ 3.89 1995 $14.62 1952 $2.53 1974 $ 6.87 1996 $18.46 1953 $2.68 1975 $ 7.67 1997 $17.23 1954 1976 $ 8.19 1998 $10.87 1955 $2.77 1977 $ 8.85 1999 $15.56 1956 $2.79 1978 $ 9.00 2000 $26.72 1957 $3.09 1979 $12.64 2001 $21.84 1958 $3.01 1980 $21.59 2002 $22.51 1959 $2.90 1981 $31.77 2003 $27.54 1960 $2.88 1982 $28.52 2004 $38.93 1961 $2.89 1983 $26.19 2005 $46.47 1962 $2.90 1984 $25.88 2006 $58.30 1963 $2.89 1985 $24.09 2007 $64.67 1964 $2.88 1986 $12.51 2008 $91.48 1965 $2.86 1987 $15.40 2009 $53.48 1966 $2.88 1988 $12.58 2010 $71.21 1967 $2.92 1989 $15.86 2011 $87.04 1968 $2.94 1990 $20.03 2012 $93.02 1969 $3.09 1991 $16.54 2013 $97.91 1970 $3.18 1992 $15.99 2014 $93.26 2015 $48.79 Using the 1949 oil price and the 1965 oil price, compute the annual growth rate in oil prices during those 16 years. (Round your answer to 2 decimal places.)