How should you prove product rules by induction? For example:
$$\prod_{i=2}^n\left(1-\frac{1}{i^2}\right)=\frac{n+1}{2n}$$
For every $n$ greater than or equal to $2$ 
my approach for this was that I need to prove that:
$$ \left(1-\frac{1}{n^2}\right)\left(1-\frac{1}{(n+1)^2}\right)=\frac{n+1+1}{2(n+1)}$$
is this the right approach? Because when i try and work out the algebra i keep on hitting a wall. 
\begin{align}
\left(1-\frac{1}{n^2}\right)\left(1-\frac{1}{(n+1)^2}\right)&=1-\frac 1{(1-n)^2}-\frac 1{n^2}-\frac 1{n^2(n+1)} \\
&=\frac{n^2}{(n+1)^2}-\frac 1{(n+1)^2} \\
&=\frac{n^2-1}{(n+1)^2}-\frac 1{n^2}+\frac 1{n^2(n+1)^2} \\
&=\frac{n^2(n^2-1)}{n^2(n+1)^2}-\frac{(n+1)^2}{n^2(n+1)^2} \\
&=\frac{n^2(n^2-1)-(n+1)^2}{n^2(n+1)^2}+\frac 1{n^2(n+1)^2} \\
&=\frac{n^2(n^2-1)-(n+1)^2+1}{n^2(n+1)^2}
\end{align}

Hint $\ $ No ingenuity is required: by telescopy the proof reduces to this one-line calculation
$\qquad\ \ $ if $\rm\, \ f(k) = \dfrac{k\!+\!1}{2k\ }\ $ then $\rm\,\ \dfrac{f(k)}{f(k\!-\!1)} =\, \dfrac{k\!+\!1}{2k\ }\dfrac{2(k\!-\!1)}{k\, }\,=\,\dfrac{k^2\!-\!1}{k^2}\, =\, 1-\dfrac{1}{k^2}\,\ $  thus
Multiplicative Telescopy
$\ \ \rm\displaystyle  f(a\!-\!1) \prod_{\large k\,=\,a}^{\large n} \dfrac{f(k)}{f(k-1)}\, =\ f(n) $ 
Proof $ $ Induct on $\rm\,n.\,$ Base is $\rm\, f(a\!-\!1)\frac{f(a)}{f(a-1)}=\,f(a)\,$ at $\rm\,n\!=\!a.\,$ Induction $\rm\,\color{#0a0}{P(n)}\Rightarrow\, P(n\!+\!1)\,$ is
$\quad\ \displaystyle\rm  f(a\!-\!1)\prod_{\large k\,=\,a}^{\large n+1}\dfrac{f(k)}{f(k\!-\!1)}\, =\, \left[f(a\!-\!1)\prod_{\large k\,=\,a}^{\large n}\dfrac{f(k)}{f(k\!-\!1)}\right]\dfrac{f(n\!+\!1)}{f(n)}\,\overset{\rm\color{#0a0}{ P(n)}} =\, \color{brown}{f(n)}\dfrac{f(n\!+\!1)}{\color{brown}{f(n)}} \, =\, f(n\!+\!1) $
Remark $\ $ Unwinding the induction yields a vivid depiction of the telescopic cancellation
$\quad \rm\displaystyle f(a\!-\!1)\prod_{\large k\,=\,a}^{n} \frac{f(k)}{f(k\!-\!1)}\,  =   \ \frac{\color{#c00}{\rlap{---}f(a\!-\!1)}}{1}\frac{\color{green}{\rlap{--}f(a)}}{\color{#C00}{\rlap{---}f(a\!-\!1)}}\frac{\color{royalblue}{\rlap{---}f(a\!+\!1)}}{\color{green}{\rlap{--}f(a)}}\frac{\phantom{\rlap{--}f(3)}}{\color{royalblue}{\rlap{---}f(a\!+\!1)}}\, \cdots\,  \frac{\color{brown}{\rlap{---}f(n\!-\!1)}}{\phantom{\rlap{--}f(n\!-\!1)}}\frac{f(n)}{\color{brown}{\rlap{---}f(n\!-\!1)}}\, =\  \frac{f(n)}{1} $
You can find many further examples of multiplicative telescopy in other posts here.
