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

Question 23

What is the periodic interest rate? (Remember a periodic interest rate is defined as: APR/m)

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