On January 4, 1988 the price of a widget was $63.97. On January 4, 2007 the price of a widget was $70.62. Find the average rate of change in the price of a widget from 1988 to 2007. Round to the nearest cent.

The average rate of change is $LaTeX: \displaystyle \frac{70.62-63.97}{2007-1988}= 0.35$ dollars per year.