Problem $28-21($Growth Rates$)$

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? Do not round intermediate calculations. Round your answer to two decimal places.

$\%$ dividing $100\%$ by $5$ results in an estimated growth rate of $20\%$ per year." Explain what is wrong with this calculation.

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