Assume that the spreadsheet below shows the closing prices for the S&P 500 Index for the month of January 2019. Using a column with six decimal places:

Calculate the daily percentage changes in the S&P 500 Index. Calculate the average daily change in the Index, shown to six decimal places. State the average daily change in the S&P 500 Index as a percentage. State the implied monthly change in the S&P 500 Index for the month as a percentage. (Notice the word impliedthis in fact is not the correct percentage change for the month, as we will learn when we discuss the difference between the arithmetic mean and the geometric mean.)

Date Closing Price

Jan 31, 2019 2,704.10

Jan 30, 2019 2,681.05

Jan 29, 2019 2,640.00

Jan 28, 2019 2,643.85

Jan 25, 2019 2,664.76

Jan 24, 2019 2,642.33

Jan 23, 2019 2,638.70

Jan 22, 2019 2,632.90

Jan 18, 2019 2,670.71

Jan 17, 2019 2,635.96

Jan 16, 2019 2,616.10

Jan 15, 2019 2,610.30

Jan 14, 2019 2,582.61

Jan 11, 2019 2,596.26

Jan 10, 2019 2,596.64

Jan 09, 2019 2,584.96

Jan 08, 2019 2,574.41

Jan 07, 2019 2,549.69

Jan 04, 2019 2,531.94

Jan 03, 2019 2,447.89

Jan 02, 2019 2,510.03

Dec 31, 2018 2,506.85

Average =