Annual world oil production was about 520 million tons in 1950. Production increased at a rate of 7% per year between 1950 and 1972, but the rate of growth slowed. World oil production was approximately 4.8 billion tons per year in 2016. A) Using the growth rate given, how much oil should have been produced in 1972?Question: Annual world oil production was about 520 million tons in 1950. Production increased at a rate of 7% per year between 1950 and 1972, but the rate of growth slowed. World oil production was approximately 4.8 billion tons per year in 2016. A) Using the growth rate given, how much oil should have been produced in 1972? B) Estimate the annual growth rate for oil production between 1972 and 2016. Write this as an exponential function.Question: Annual world oil production was about 520 million tons in 1950. Production increased at a rate of 7% per year between 1950 and 1972, but the rate of growth slowed. World oil production was approximately 4.8 billion tons per year in 2016. A) Using the growth rate given, how much oil should have been produced in 1972? B) Estimate the annual growth rate for oil production