Answer:$438,491.
Explanation
To calculate the amount of money that will be available for the project in 5 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount of money
P = the initial investment or principal ($350,000 in this case)
r = the annual interest rate (4.5% or 0.045 as a decimal)
n = the number of times the interest is compounded per year (monthly compounding, so n = 12)
t = the number of years (5 years in this case)
Plugging in the values, we can calculate the final amount available:
A = 350,000(1 + 0.045/12)^(12*5)
A = 350,000(1 + 0.00375)^(60)
A ≈ 350,000(1.00375)^60
A ≈ 350,000(1.2535447081)
A ≈ 438,490.64
Therefore, the amount of money available for the project in 5 years would be approximately $438,491.
Please note that this is an approximation rounded to the nearest dollar, as specified in the question.