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 Year 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 Per Barrel $2.54 $2.51 $2.53 $2.53 $2.68 $2.78 $2.77 $2.79 $3.09 $3.01 $2.90 $2.88 $2.89 $2.90 $2.89 $2.88 $2.86 $2.88 $2.92 $2.94 $3.09 $3.18 Year 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Per Barrel $ 3.39 $ 3.39 $ 3.89 $ 6.87 $ 7.67 $ 8.19 $ 8.85 $ 9.00 $12.64 $21.59 $31.77 $28.52 $26.19 $25.88 $24.09 $12.51 $15.40 $12.58 $15.86 $20.03 $16.54 $15.99 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Per Barrel $14.25 $13.16 $14.62 $18.46 $17.23 $10.87 $15.56 $26.72 $21.84 $22.51 $27.54 $38.93 $46.47 $58.30 $64.67 $91.48 $53.48 $71.21 $87.04 $93.02 $97.91 $93.26 $48.79 2007 2008 2009 2010 2011 2012 2013 2014 2015 Using the 1949 oil price and the 1963 oil price, compute the annual growth rate in oil prices during those 14 years. (Round your answer to 2 decimal places.)