If an investment of $$40,000$ is earning an interest rate of $8\mathrm{.}00\%,$ compounded annually, then it will take a value of $$50,388\mathrm{.}48-$assuming that no additional dertosits or withdrawals are made during this time. for this investment to reach

Which of the following statements is true$-$assuming that no additional deposits or withdrawals are made?

It takes $14\mathrm{.}21$ years for $$500$ to double if invested at an annual rate of $5\%.$

It takes $10\mathrm{.}50$ years for $$500$ to double if invested at an anual rate of $5\%.$