A certain amount grows at an annual interest rate of 12%,

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 ?

As per the given in question ,
Here , Rate of interest = 12% per annual = 1% per month and Time = 12y months
Using the given formula ,

∴ A = P		1 +	R		^T
			100

⇒ 64 = 1		1 +	1		^12y
			100

⇒ 64 = 1(1.01)^12y

1	= (1.04)12y
64