Shrinking Loop. A circular loop of flexible iron wire has an initial circumference of 165.0 cm, but its circumference is decreasing at a constant rate of 12.0 cm/s due to a tangential pull on the wire. The loop is in a constant, uniform magnetic field oriented perpendicular to the plane of the loop and with magnitude 0.500 T. (b) Find the direction of the induced current in the loop as viewed looking along the direction of the magnetic field.