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

1,589.63 in.^3

step-by-step explanation:

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