Given that Alice invests $ 1000 at 2% interest compounded monthly over a 5 year period, assuming no other money is deposited or withdrawn, to determine what is the total amount of money in her account after 5 years, the following calculation must be performed:
X = 1,000 (1 + 0.02 / 12) ^ 5x12
X = 1,105.08
Thus, the amount of money in her account after 5 years would be $ 1,105.08.
