Sawyer Corporation's 2018 sales were $11 million. Its 2013 sales were $5.5 million.

1. At what rate have sales been growing? Round your answer to two decimal places.

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2. 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? -Select-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.Item 2

Find the interest rates earned on each of the following. Round your answers to the nearest whole number.

1. You borrow $740 and promise to pay back $777 at the end of 1 year.

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2. You lend $740 and the borrower promises to pay you $777 at the end of 1 year.

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3. You borrow $81,000 and promise to pay back $208,862 at the end of 14 years.

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4. You borrow $18,000 and promise to make payments of $4,390.00 at the end of each year for 5 years.

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