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?

No, the statement isn´t correct

Explanation:

The statement is not correct because in any moment they say the growth was constant so asuming that each year the growth was of 20% is not correct. Also because usually when a company is growing and is increasing its sales it makes it in a progresive way so the first years sales are usually less than the ones of the fifth year.

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