Musa's Parents Deposited $20,000 in a Long-Term Savings Account as a Wedding

Musa's parents deposited $20,000 in a long-term savings account as a wedding expenditure for their grand daughter at her birth, expecting to triple by the time she gets married at the age of 22. Calculate the rate of return compounded monthly for the savings account.

A) 4.17%
B) 0.417%
C) 0.5%
D) 5%
E) 0.05%