On January 4, 1963 the price of a widget was $51.48. On January 4, 1977 the price of a widget was $61.58. Find the average rate of change in the price of a widget from 1963 to 1977. Round to the nearest cent.

The average rate of change is $LaTeX: \displaystyle \frac{61.58-51.48}{1977-1963}= 0.72$ dollars per year.