Suppose that the chain could go all the way around the planet. then the chain's length would be equal to the circumference of the earth at the equator (about 24,000 miles). assuming that the average adult arm span is 6 feet, how many people would it take to make this human chain?

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