Problem:
Your goal is to have $64,677 in exactly twelve years. However, you only have $25,000 to invest today.
Required:
a. What is the lowest effective annual rate of interest (EAR) you would have to earn on your investment in order to accomplish your goal?
b. Assuming that interest is compounded quarterly, what is the Annual Percentage Rate (APR) that you would need to earn to accomplish your goal?
Please provide step by step solution.