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Suppose someone makes the following statement: Sales doubled in 5 years. This represents a growth of 100% in 5 years; so dividing 100% by 5,

Suppose someone makes the following statement: Sales doubled in 5 years. This represents a growth of 100% in 5 years; so dividing 100% by 5, we conclude the growth rate to be 20% per year. Is this statement correct?

true or false

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