Answer:
<h2>$674.42.</h2>
Step-by-step explanation:
Givens
- The principal of the investment is $500.
- The interest rate compounded monthly is %6 or 0.06.
- The time invested is 5 years.
To solve these type of problems, we need to recur to Interest Compound Formula, which is

Where
is the total amount of money after the time compounded,
is the principal,
is the interest rate,
is the number of compounded periods in one year and
is time in years.
So,

If the problem states that the interest is compounded monthly, then there are gonna be 12 compounded periods in one year. Replacing all these values, we have

Therefore, the total amount of money after 5 years is $674.42.