Solve the Problem $\$ 20,000$ Is Invested At $5.5 \%$ Interest Compounded Monthly

Multiple Choice

Solve the problem.
- $\$ 20,000$ is invested at $5.5 \%$ interest compounded monthly. How long will it take for the investment to double? Round to the nearest tenth of a year

A) $12.6 \mathrm { yr }$
B) $13.2 \mathrm { yr }$
C) $10.7 \mathrm { yr }$
D) $13.5 \mathrm { yr }$