Answer:
We can use the formula for compound interest to solve this problem. The formula is:
A = P * (1 + r/n)^(n*t)
where:
A = the amount of money after t years
P = the principal amount (the initial investment)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, P = $5000, r = 0.03, n = 12 (since the interest is compounded monthly), and t = 10. Plugging these values into the formula, we get:
A = 5000 * (1 + 0.03/12)^(12*10)
A = 5000 * (1.0025)^120
A ≈ $6,621.36
So the investment will be worth approximately $6,621.36 after 10 years.