3. Using the data for Johnson & Johnson (NYSE:JNJ) presented below:

Fiscal Year	2018	2017	2016	2015	2014
Sales	$85,260	$79,030	$82,570	$71,200	$73,350
EBIT	21,253	19,565	21,350	18,368	20,929
Interest Expense	1,194	1,017	763	552	518
Total Net Income	15,297	1,300	16,540	15,409	16,323
Earnings per Share	6.67	1.34	6.33	5.89	6.29
Total Assets	152,954	157,303	141,208	133,411	131,119
Accounts Payable	7,537	7,310	6,918	6,668	7,633
Total Liabilities	93,202	97,143	70,790	62,261	61,367
Retained Earnings	106,216	101,793	110,551	103,879	97,245
Net Cash from Operating Activities	22,201	21,056	18,767	19,279	18,471
Free Cash Flow	18,531	17,777	15,541	15,816	14,757

• Calculate the ratio of each years data to the previous year for each of the above items for JNJ. For example, for the year 2018, the ratio for sales to $85,260/$79,030 = 1.079.
• From your calculations in part a, calculate each years rate of growth. Using the example in part a, the ratio is 1.079, so the percentage growth in sales for 2018 is 1.079 1 or 7.9%.
• Calculate the average growth rate (using the Average function) of each of the above items using the results you calculated in part b. These averages are arithmetic averages.