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Please see and solve the attached, and show all work. Thank you! Please just answer PART A. Problem 4-21 Growth Rates Sales for Hanebury Corporation's
Please see and solve the attached, and show all work. Thank you! Please just answer PART A.
Problem 4-21 Growth Rates Sales for Hanebury Corporation's just-ended year were $10 million. Sales were $5 million 5 years earlier. a. At what rate did sales grow? Round your answer to the nearest whole number b. 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 SelectStep by Step Solution
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