a. How does Michellin's average compound growth rate in sales compare with its earnings growth over the past five years?

2012 Net Sales COGS Gross profit Admin and Selling exp Depreciation Misc. expenses 2008 600,000 480,000 120.000 30,000 25,000 2.027 INCOME STATEMENT 2009 2010 2011 655,000 780,000 873,600 537,100 655,200 742,650 117,900 124.800 130.950 15,345 16,881 43.680 25,000 50.000 50.000 3,557 5,725 17,472 1,013,376 861,370 152.006 40,535 50,000 15,201 Total Operating exp 57,027 43,902 72,606 111,152 105,736 Ebit 62,973 73.998 52,194 19,798 46.270 Interest St loans Interest LT loans Interest on mortgage 15,000 8.000 12.250 15,950 7,840 12.110 14.000 15,680 18,970 13,320 15,200 18.760 13,320 14,640 18.480 Total Interest 35,250 35.900 48,650 47,280 46.4401 Before-tax earnings 27,723 11,089 38.098 15,239 3,544 1.418 -27.482 -10.957 -170 -68 Taxes Net income 16,634 22.859 2.126 -16,525 -102 Dividents on stock Additon to retainged earnings 16,634 22,859 2,126 -16,525 -102 EPS (100,000 shares) 0.17 0.23 0.02 -0.17 0.00