A certain amount grows at an annual interest rate of 12%, compounded monthly. Which of the following equations can be solved to find the number of years, y, that it would take for the investment to increase by a factor of 64 ?

• A. 64 = (1.01)
• B. ^12y
• C. <table><tr><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>1</center></td><td rowspan="2">= (1.04)12y</td></tr><tr><td style="text-align: center;">64</td></tr></table>
• D. 64 = (1.04)12y
• E. 8 = (1.01)6y