oil prices have increased a great deal in the last decade. the following table shows the average oil price for each year since 1949 may companies use oil products as a resource in their own business operations. 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

Problem 4-42 Spreadsheet Problem 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 resourc 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 iFV equations can also be interpreted as a growth rate in sales, costs, profits, and so on. erations (ike airline firms and manufacturers of plastic 1949 $2.54 1971 $3.39 1993 S14.25 1951 $2.53 2973 %3.89 1995 $14.62 1952 $2.53 1974 6.871996 $18.4 1953 $2.68 1975 5 7-671997 517.23 2954 $2.7 1976 $.19 1996 S10.67 1955 $2.77 1977 $ 8.851999515.56 1956 $2.79 1978 9.00 2000 $26.72 1957 $3.091979 512.64 21 $21.84 1958 $3.1 1988 $21.592082 $22.51 1959 $2.9 1981 $31.77 2003 $27.54 1960 $2.881982 $28.52 2804 $38.9 1961 $2.89 1983 $26.19 2005 $46.47 1962 $2.901984 $25.88 2006 $58.36 1963 $2.89 1985 $24.092007 564.67 965 $2.861987 15.40 2009 $53.48 1966 $2.88 1988 $12.58 2010 $71.21 1967 $2.92 1989 $15.86 201 $87.94 1968 $2.94 1998 $20.03 2012 $93.02 1969 $3.09 1991 $16.54 2013 597-91 197 $3.18 1992 $15.99 214 593.26 015 $48.79 Using the 1949 oill price and the 1972 oil price, compute the annual growth rate in oil prices during those 23 years. (Round your answer to 2 decimal places growth rate box(3,525-ch Shype for Business X ook)Protec. DELL