Five years ago, Michael began saving for his daughter's education in Australia by investing a lump sum of $50,000 in a financial asset with a yearly return of 12.5%, compounded monthly.

Calculate the effective annual interest rate (EAR) of this investment?

Determine the current amount of money accumulated by Michael's investment portfolio?

If Michael's goal is to have a total of $100,000 for his daughter's education, how much time will he need to reach this target, given an annual interest rate of 13% compounded yearly?