A certain amount grows at an annual interest rate of 12%, compounded monthly. Which of the following equations can be solved to find the number of years, y, that it would take for the investment to increase by a factor of 64 ? 

A

$$64=(1.01)^{12y}$$

B

$$\frac{1}{64}= (1.04)12y$$

C

$$64=(1.04)^{12y}$$

D

$$8=(1.01)^{6y}$$