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

Compounded Monthly

Refers to the process where interest is added to the principal balance of an investment or loan, and future interest calculations are made on the new total, on a monthly basis.

Annual Interest Rate

The percentage increase in money owed or invested over a year, accounting for the cost of borrowing or the gain on savings.