The principal amount of a business loan of $23,500 decreases by 8% each month (assume there are 30 days in a month):
a) 1-month % change:
b) 1-month growth factor (gf):
c) Initial value:
d) Function:
e) Find the principal amount after 6 months? (Round answer to 2 decimal places)
f) 1-year growth factor: (Round answer to 4 decimal places)
g) 1-day growth factor: (Round answer to 4 decimal places)
h) Find the principal amount after 8 days? (Round answer to 2 decimal places)
