An Investment of $500 Is Made in a Trust Fund $13.89$

Multiple Choice

An investment of $500 is made in a trust fund at an annual interest rate of 5%, compounded monthly. How long will it take for the investment to double? Give your answer to two decimal places.

A) $13.89$ years
B) $166.70$ years
C) $1.06$ years
D) $13.86$ years
E) $20.00$ years