Question: Use the following information to answer the question: Harold needs to grow the $3,160 he currently has to $12,640 in seven years. He has found

Use the following information to answer the question: Harold needs to grow the $3,160 he currently has to $12,640 in seven years. He has found an investment that offers quarterly compounding and an effective annual rate (EAR) of 20%. YOU MUST SHOW YOUR WORK

How long will it take to achieve the desired future value amount if this investment is made? Will he reach his goal in time at the specified interest rate?

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