ABC Insurance offers an annuity with a minimum interest rate of 4% APR for
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The given series is
Where the first term, a , is 3.
And the difference is constant, that is
So the constant difference, d is 3.
Since the difference is constant, so the given series is arthmetic.
And for explicit rule, we use the formula of nth term, which is
Substituting the values of a and d, we will get
Recursive rule is used to tell us the relationship between previous and current term. And the required rule is