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.

1949 is $2.54. 1969 is $3.09.

2015 is

$

48.79. 1989 is $15.86.

a) Using the 1949 oil price and the 1969 oil price, compute the annual growth rate in oil prices during those 20 years. (Round your answer to 2 decimal places.) b) Compute the annual growth rate between 1969 and 1989 and between 1989 and 2015. (Round your answers to 2 decimal places.) c) Compute the annual growth rate between 1969 and 1989 and between 1989 and 2015. (Round your answers to 2 decimal places.)