Shalit Corporation's 2011 sales were $10 million. Its 2006 sales were $5 million. a. At what rate have sales been growin

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Shalit Corporation S 2011 Sales Were 10 Million Its 2006 Sales Were 5 Million A At What Rate Have Sales Been Growin 1 (47.18 KiB) Viewed 61 times

Shalit Corporation's 2011 sales were $10 million. Its 2006 sales were $5 million. a. At what rate have sales been growing? Round your answer to two decimal places. % 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 year." Is that statement correct? -Select- -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 2005 and 2010. 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.