1. Tom wants to invest $8,000 in a retirement fund that guarantees a return
of 6.45% annually using monthly compounded interest. Determine how
many years (round to hundredths) will it take for her investment to double.
O
a. 10.78 years
O
b. 12.39 years
O
c. 21.52 years
O
d. 7.69 years