Remember that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is the number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
P=$2,000
t=5 years
r=6%=6/100=0.06
n=12
substitute the given values in the above formula
[tex]\begin{gathered} A=2,000(1+\frac{0.06}{12})^{12*5} \\ \\ A=\$2,697.70 \end{gathered}[/tex]therefore
