If money is invested at r percent interest, compounded annually, the amount of the investment will double in approximately years.If Pat’s parents invested $5,000 in a long-term and that pays 8 percent interest, compounded annually, what will be the approximate total amount of the investment 18 years later, when Pat is ready for college ?()
A.$20,000
B.$15,000
C.$12,000
D.$10,000
E.$9,000