The amount of an investment will double in approximately 70/ p years, where p is the percent interest, compounded annually. If Thelma invests $ 60,000 in a long-term CD that pays 5 percent interest, compounded annually, what will be the approximate total value of the investment when Thelma is ready to retire 42 years later?	Choose the correct answer:
A) $ 280,000  B) $ 320,000  C) $ 360,000  D) $ 480,000  E) $ 540,000
The amount of an investment will double in approximately 70/ p years, where p is the percent interest, compounded annually. If Thelma invests $ 60,000 in a long-term CD that pays 5 percent interest, compounded annually, what will be the approximate total value of the investment when Thelma is ready to retire 42 years later?   The investment gets doubled in 70/p years. Therefore, the investment gets doubled in   70/5= 
<gadget id="calculator">  70/5</gadget>
<output>14</output>
every 14 years. After 42 years, the investment will get doubled 42/14= 
<gadget id="calculator">42/14</gadget>
<output>3</output>
3 times.   So the amount invested will get doubled thrice.   So, 60000 *2^3= 480000   Hence, the answer is $ 480,000.
<result>D</result>
The amount of an investment will double in approximately 70/ p years, where p is the percent interest, compounded annually. If Thelma invests $ 60,000 in a long-term CD that pays 5 percent interest, compounded annually, what will be the approximate total value of the investment when Thelma is ready to retire 42 years later?