(Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow sevenfold if it were invested at 16 percent compounded monthly? Assume that you invest $1 today. If you invest $1 at 16 percent compounded monthly, about how many years would it take for your investment to grov sevenfold to $7? (Hint: Remember to convert your calculator solution to years.) 13.1 years (Round to one decimal place.)