Oil prices have increased a great deal in the last decade. The following table shows the average oll price for each year since $1949.$

Many companies use oil products as a resource in their own business operations $($Iike airline firms and manufacturers of plastic

products$).$ Managers of these firms will keep a close watch on how rising oll 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$.$

a$.$ Using the $1949$ oll price and the $1969$ oll price, compute the annual growth rate in oll prices during those $20$ years.

b$.$ Compute the annual growth rate between $1969$ and $1989$ and between $1989$ and $2020.$

c$.$ Given the price of oll In $2020$ and your computed growth rate between $1989$ and $2020,$ compute the future price of oll in $2023$

and $2028.$

Note: Round your answer to $2$ decimal places.