Growth Rates Sales for Hanebury Corporation's just-ended year were $16 million. Sales were $8 million 5 years earlier. At what rate did sales grow? Round your answer to the nearest whole number. %

Suppose someone calculated the sales growth for Hanebury Corporation in part a as follows: "Sales doubled in 5 years. This represents a growth of 100% in 5 years; dividing 100% by 5, we find the growth rate to be 20% per year." Explain what is wrong with this calculation.