Problem 5.11 (Growth Rates) Question 6 of 6 Questions 4. o 5. o B eBook Sawyer Corporation's 2018 sales were $13 million. Its 2013 sales were $6.5 million a. At what rate have sales been growing Round your answer to two decimal places. . Suppose someone made this statement: "Sales doubled in 5 years. This represents a growth of 100% in 5 years; so dividing 100% by 5, we find the growth rate to be 20% per years the statement correct? -Select- The statement is correct because 100% dvided by 6 equals 20% The statement is incorrect because there and 6 years of sales growth between 2013 and 2016 The statement is incorrect because a company's sale care double in such a short time span The statement is incorrect since the effect of compounding is not considered. The statement is correct see the effect of discounting is considered Olon Ky