We can use the formula for compound interest to calculate the amount of money we will have at the end of 3 years:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money we will have at the end of 3 years
P = the principal (the initial amount we start with)
r = the interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
Plugging in the given values, we get:
A = 5000(1 + 0.045/12)^(12×3)
A = 5000(1.00375)^36
A ≈ $5,622.16
Therefore, we will have approximately $5,622.16 at the end of 3 years.