The value of an investment, in dollars, is modeled by the function $V(t)=1000\cdot (1.05{)}^{2t}$, where $t$ is the number of years since the initial investment. This function can be expressed in the form $V(t)=1000\cdot {\left(1+\frac{p}{100}\right)}^t$, where $p$ is the annual percentage growth rate. Which of the following is closest to the value of $p$?