Based on the amount of money being saved and the amount of time it will be saved, the amount in the account after 6 years would be $6,166.51
The interest is compounded monthly which means that you need to convert the interest to a monthly figure as well as the number of years you will be investing:
3.5% / 12 months = 3.5/12%
6 years x 12 = 72 months
The amount after 6 years is:
= Amount x (1 + rate) ^ number of periods
= 5,000 x (1 + 3.5/12%)⁷²
= $6,166.51
In conclusion, the amount in the account after 6 years is $6,166.51.
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