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Sawyer Corporation's 2017 sales were $11 million. Its 2012 sales were $5.5 million. At what rate have sales been growing? Round your answer to two

Sawyer Corporation's 2017 sales were $11 million. Its 2012 sales were $5.5 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 the statement correct?

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