Questions Problem 5.11 (Growth Rates) Question 9 of 20 7. O Check My Work (3 remaining) 8. O 9. O eBook 10. O O Sawyer Corporation's 2018 sales were $11 million. Its 2013 sales were $5.5 million. 11. a. At what rate have sales been growing? Round your answer to two decimal places. 12. % 13. b. 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 vear." Is the statement correct? 14. O -Select- 15. O 16. O The statement is correct because 100% divided by 5 equals 20%. The statement is incorrect because there are 6 years of sales growth between 2013 and 2018. The statement is incorrect because a company's sales cannot double in such a short time span. The statement is incorrect since the effect of compounding is not considered. The statement is correct since the effect of discounting is considered. 17. 18. O 19. O