Renee took out a $30,000 student loan with a fixed interest rate to pay for college. Renee did not make payments on her loan for a period of 6 years. After this time period interest had accrued, resulting in the loan balance increasing to $61,000. Required:
a. What is is the 6-year growth factor for the amount that Renee owes on the loan?
b. What is the 6-year percent change for the amount that Renee owes on the loan?
c. What is is the 1-year growth factor for the amount that Renee owes on the loan?
d. What is the 1-year percent change for the amount that Renee owes on the loan?