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Six years ago you invested $ 5 , 0 0 0 into a new investment account that compounds monthly, and you made no further investments.

Six years ago you invested $5,000 into a new investment account that compounds monthly, and you made no further investments. If the balance today is $12,229.60, what are the monthly periodic rate and APY (note you are asked for the APY, not the APR!)? Choose the closest answer.
Group of answer choices
1.25% and 16.08%
1.50% and 19.56%
1.50% and 18.00%
1.80% and 23.87%
1.25% and 15.00%
1.40% and 16.80%
1.40% and 18.16%
1.80% and 21.60%

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