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Shalit corporations 2008 sales were 12 million its 2003

Shalit Corporation's 2008 sales were $12 million. Its 2003 sales were $6 million.
a. At what rate have sales been growing?
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?

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Finance Basics: Shalit corporations 2008 sales were 12 million its 2003

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