Final answer:
The investment will grow to approximately $446.97 after 5 years.
Step-by-step explanation:
To calculate compound interest, we can use the formula: A = P(1+r/n)^(nt), where A is the future value, P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. In this case, Joe invests $350 for 5 years at 6% compounded monthly.
Using the formula, we have A = 350(1+0.06/12)^(12*5)
Simplifying further, A = 350(1+0.005)^(60)
Calculating the exponent, we have A = 350(1.005)^(60)
Using a calculator, we find that A ≈ $446.97. Therefore, the investment will grow to approximately $446.97 after 5 years.