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 Prices
Year	Per Barrel			Year	Per Barrel			Year	Per Barrel
1949	$	2.54		1970	$	3.18		1991	$	16.54
1950	$	2.51		1971	$	3.39		1992	$	15.99
1951	$	2.53		1972	$	3.39		1993	$	14.25
1952	$	2.53		1973	$	3.89		1994	$	13.19
1953	$	2.68		1974	$	6.87		1995	$	14.62
1954	$	2.78		1975	$	7.67		1996	$	18.46
1955	$	2.77		1976	$	8.19		1997	$	17.23
1956	$	2.79		1977	$	8.57		1998	$	10.87
1957	$	3.09		1978	$	9.00		1999	$	15.56
1958	$	3.01		1979	$	12.64		2000	$	26.72
1959	$	2.90		1980	$	21.59		2001	$	21.84
1960	$	2.88		1981	$	31.77		2002	$	22.51
1961	$	2.89		1982	$	28.52		2003	$	27.54
1962	$	2.90		1983	$	26.19		2004	$	38.93
1963	$	2.89		1984	$	25.88		2005	$	46.47
1964	$	2.88		1985	$	24.09		2006	$	58.30
1965	$	2.86		1986	$	12.51		2007	$	64.67
1966	$	2.88		1987	$	15.40		2008	$	91.48
1967	$	2.92		1988	$	12.58		2009	$	53.48
1968	$	2.94		1989	$	15.86		2010	$	71.21
1969	$	3.09		1990	$	20.03		2011	$	87.04
								2012	$	93.02

Using the 1949 oil price and the 1978 oil price, compute the annual growth rate in oil prices during those 29 years. (Round your answer to 2 decimal places.)

Annual growth rate

%