If money is invested at r percent interest, compounded annually, the amount of the investment will double in approximately 70/r years. If Pat's parents invested $5,000 in a long-term bond 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
A) $20,000
B) $15,000
C) $12,000
D) $10,000
E) $9,000
