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Estimating Sustainable Growth The following information is taken from Procter & Gamble's 2012 annual report: (in millions) 2012 2011 2010 Income statement Net sales $85,680

Estimating Sustainable Growth The following information is taken from Procter & Gamble's 2012 annual report: (in millions) 2012 2011 2010 Income statement Net sales $85,680 $83,104 $79,567 10,756 11,797 12,736 Net earnings Balance sheet Shareholders' equity 65,439 69,640 Statement of cash flow Dividends to shareholders 6,139 5,767 5,458 Calculate the company's actual and sustainable rate of growth in sales for 2012 and 2013. Round final answers to two decimal places. 2012 2011 10 x % 10 x % Sustainable growth rate Actual growth rate 20 X % 20 X %

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