Effective interest rate of $33,353 at 7% for 18 months?

Hence , the effective interest rate R = 0.0723 = 7.23 %

Step-by-step explanation :

Given as,

The Principal amount = $33,353

The stated interest rate (i) = 7% = 0.07

Number of compounding months (n) = 18

Now, The effective interest rate is calculated as ,

R = - 1

Or, R = ( - 1

Or, R = - 1

Or, R = 1.0723 - 1 = 0.0723

Hence , the effective interest rate R = 0.0723 = 7.23 %   Answer

, and

for

step-by-step explanation:

we can analyze the pattern at which the terms increase. let us denote , , , so that we can call

note the following:

the pattern: to get the next term value, we just add the next term number (e.g. 1st, 2nd, to the previous term value (term values are the given numbers in the question, 1, 3, 6, 10, 15,

from , to get to , we add

from , to get to , we add

etc.

we need to form a recursive formula, a formula that has the next term as a function of the previous term. so a possible recursive formula can be

, and for