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.

Average Oil PricesYear Per Barrel Year Per Barrel Year Per Barrel

1949$2.54

1972$3.39 1995$14.62 1950$2.51 1973$3.89 1996$18.46 1951$2.53 1974$6.87 1997$17.23 1952$2.53 1975$7.67 1998$10.87 1953$2.68 1976$8.19 1999$15.56 1954$2.78 1977$8.57 2000$26.72 1955$2.77 1978$9.00 2001$21.84 1956$2.79 1979$12.64 2002$22.51 1957$3.09 1980$21.59 2003$27.54 1958$3.01 1981$31.77 2004$38.93 1959$2.90 1982$28.52 2005$46.47 1960$2.88 1983$26.19 2006$58.30 1961$2.89 1984$25.88 2007$64.67 1962$2.90 1985$24.09 2008$91.48 1963$2.89 1986$12.51 2009$53.48 1964$2.88 1987$15.40 2010$71.21 1965$2.86 1988$12.58 2011$87.04 1966$2.88 1989$15.86 2012$93.02 1967$2.92 1990$20.03 2013$97.91 1968$2.94 1991$16.54 2014$93.26 1969$3.09 1992$15.99 2015$48.69 1970$3.18 1993$14.25 2016$43.14 1971$3.39 1994$13.19 2017$50.88

Using the 1949 oil price and the 1962 oil price, compute the annual growth rate in oil prices during those 13 years. (Round your answer to 2 decimal places.)