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Oll 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 oll products as a resource in their own business operations (ilke 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 PVIFV equations can also be interpreted as a growth rate in sales, costs, profits, and so on. Using the 1949 oil price and the 1967 oil price, compute the annual growth rate in oll prices during those 18 years. (Round your answer to 2 decimal places.)