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GROWTH RATES Sawyer Corporation's 2015 sales were $10 million. Its 2010 sales were $5 million. a. At what rate have sales been growing? Round your answer to two decimal places. b. 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 the statement correct? -Select The statement is correct because 100% divided by 5 equals 20%. The statement is incorrect because there are 6 years of sales growth between 2005 and 2010. The statement is incorrect because a company's sales cannot double in such a short time span. The statement is incorrect since the effect of compounding is not considered. The statement is correct since the effect of discounting is considered