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Sawyer Corporation's 2018 sales were $7 million. Its 2013 sales were $3.5 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- 3 The statement is correct because 100% divided by 5 equals 20% The statement is incorrect because there are 6 years of sales growth between 2013 and 2018 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 Check My Work (3 remaining)