Problem 5-11 Growth rates Shalit Corporation's 2010 sales were $14 million. Its 2005 sales were $7 million. 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 year." Is that statement correct?