Solve the Problem $\$ 14,000$ Is Made At $12 \%$ Interest, Compounded Annually

Multiple Choice

Solve the problem.
-A loan of $\$ 14,000$ is made at $12 \%$ interest, compounded annually. After tyears, the amount due, $A$ , is given by the function
$$\mathrm{A}(\mathrm{t}) =14,000(1.12) ^{\mathrm{t}}$$
Find the doubling time. Round your answer to the nearest tenth.

A) $6.1 \mathrm{yr}$
B) $12.2 \mathrm{yr}$
C) $17.6 \mathrm{yr}$
D) $9.7 \mathrm{yr}$