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Problem $5\mathrm{.}11($Growth Rates$)$

Sawyer Corporation's $2020$ sales were $$7$ million. Its $2015$ sales were $$3\mathrm{.}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 the statement correct?

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