You have saved $8,000 toward the purchase of a car costing $20,000. How long will the $8,000 have to be invested at 7% compounded monthly to grow to $20,000? Identify the formula required to solve this problem. r O A A = P(1+1)". where i = and A is the amount at the end of n periods, P is the principal value, r is the annual nominal rate, mis number of compounding periods per year, iis rate per compounding period, and n is total number of compounding periods B. A=pe", where A is the amount at the end of t years if P is the principal invested at an annual rater compounded continuously C. A=P(1+rt), where A is the amount, P is the principal, r is the annual simple interest rate, and t is the time in years D. 1 = Prt, where I is the interest, P is the principal, r is the annual simple interest rate, and t is the time in years It will take months for the investment to grow to $20,000. (Round up to the nearest integer.) h of oo comple Click to select your answer(s)