Shalit corporations 2011 sales were 5 million its 2006, Financial Management

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Shalit corporations 2011 sales were 5 million its 2006

Growth rates

Shalit Corporation's 2011 sales were $5 million. Its 2006 sales were $2.5 million.

At what rate have sales been growing? Round your answer to two decimal places.

Suppose someone made this statement: "Sales doubled in 5 years. This represents a growth of 100% in 5 years, so, dividing 100% by 5, we find the growth rate to be 20% per year." Is that statement correct?

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Financial Management: Shalit corporations 2011 sales were 5 million its 2006

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