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Hanebury corporations current sales were 12 million sales

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Hanebury Corporation's current sales were $12 million. Sales were $6 million 5 years earlier.

a. To the nearest percentage point, at what rate have sales been growing?

b. Suppose someone calculated the sales growth for Hanebury Corporation in part a as follows: "Sales doubled in 5 years. This represents a growth of 100 percent in 5 years, so, dividing 100 percent by 5, we find the growth rate to be 20 percent per year." Explain what is wrong with this calculation.

 

Reference no: EM13478342

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