On January 4, 1969 the price of a stembolt was $31.64. On January 4, 1995 the price of a stembolt was $73.40. Find the average rate of change in the price of a stembolt from 1969 to 1995. Round to the nearest cent.

The average rate of change is $LaTeX: \displaystyle \frac{73.40-31.64}{1995-1969}= 1.61$ dollars per year.