4. Using the data for Clorox Company (NYSE: CLX), presented below: 2016 $5,761 1,068 82 648 2015 2014 2013 2012 $5,655 $5,591 $5,623 35,468 1,002 954 966 888 95 99 119 606 562 574 543 123 4.97 4.39 4.26 4.30 4.09 Fiscal Year Sales EBIT Interest Expense Total Net Income Basic EPS from Total Operations Total Assets Accounts Payable Total Liabilities Retained Earnings Net Cash from Operating Activities Free Cash Flow 4,518 490 4,221 2,163 4,164 431 4,046 1,923 4,258 440 4,104 1,739 4,311 413 4,16 1,561 4,355 412 4,490 1,350 778 874 767 775 612 606 749 629 581 420 a. Calculate the ratio of each years' data to the previous year for each of the above items for Clorox. For example, for the year 2016, the ratio for sales is $5,761/S5,655 - 1.0187. b. From your calculations in part a, calculate each year's rate of growth. Using the example in part a, the ratio is 1.0187, so the percentage growth in sales for 2016 is 1.0187 - 1 or 1.87% c. Calculate the average growth rate (using the AVERAGE function) of each of the above items using the results you calculated in part b. These averages are arithmetic averages. d. Use the GEOMEAN function to estimate the compound annual average growth rate (CAGR) for each of the above items using the results that you calculated in part a. Be sure to subtract 1 from the result to arrive at a percent change. These are geometric averages e. Compare the results from parte to those for part d for each item. Is it true that the arithmetic average growth rate is always greater than or equal to the geometric average (CAGR)