Solve the Problem $\$ 8000$ Is Made At $5 \%$ Interest, Compounded Annually

Multiple Choice

Solve the problem.
-A loan of $\$ 8000$ is made at $5 \%$ interest, compounded annually. After t years, the amount due, $A$ , is given by the function $\mathrm { A } ( \mathrm { t } ) = 8000 ( 1.05 ) ^ { \mathrm { t } } \text {. }$ Find the doubling time. Round your answer to the nearest tenth.

A) $28.4 \mathrm { yr }$
B) $22.5 \mathrm { yr }$
C) $14.2 \mathrm { yr }$
D) $41.0 \mathrm { yr }$