Use the Compound Interest Formula , Where P Is

Multiple Choice

Use the compound interest formula , where P is the original amount of the investment, i is the interest rate per compounded period, n is the total number of compounding periods, and A is the value of the investment after n periods. To save for post-secondary tuition, a parent invests $8000 in a mutual fund that earns interest at the rate of 5.9% per year compounded monthly.
In approximately how many years will the investment be worth $13,700? Round to the nearest year.

A) 8 years
B) 4 years
C) 14 years
D) 9 years