To solve this problem we just have to use the compound interest formula, which is:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]Where r represents the interest rate(written in decimals), t represents the amount of time, P represents the initial deposit, and n represents the amount of times the rate r is compounded for each unit t.
The interest is compounded monthly, therefore, n = 12. Using the given values on this formula, we have:
[tex]\begin{gathered} A=6500(1+\frac{0.0512}{12})^{12\cdot25} \\ \approx23314.59 \end{gathered}[/tex]The retirement account will be worth $23,314.59.
