If money is invested at r percent interest, compounded annually, the amount of investment will double in approximately 70/r years. If Pat's parents invested $ 5000 in a long term bond that pays 8 percent interest, compounded annually, what will be the approximate total amount of investment 18 years later, when Pat is ready for college? Choose the correct choice from the following options: A) $ 20000 B) $ 15000 C) $ 12000 D) $ 10000 E) $ 9000

Rationale: "since investment doubles in 70 / r years then for r = 8 it ' ll double in 70 / 8 = ~ 9 years ( we are not asked about the exact amount so such an approximation will do ) . thus in 18 years investment will double twice and become ( $ 5,000 * 2 ) * 2 = $ 20,000 ( after 9 years investment will become $ 5,000 * 2 = $ 10,000 and in another 9 years it ' ll become $ 10,000 * 2 = $ 20,000 ) . answer : a ."
Answer: A