1. **State the problem:** Abraham deposits 4300 into a bank account that compounds interest monthly at a rate that makes it equivalent to 5% annual compound interest. 2. **Formula for compound interest:** The amount $A$ after $t$ years with principal $P$, annual interest rate $r$, compounded $n$ times per year is: $$A = P \left(1 + \frac{r}{n}\right)^{nt}$$ 3. **Find the monthly interest rate:** Given the annual compound interest rate is 5% (0.05) compounded yearly, the monthly rate $r_m$ satisfies: $$\left(1 + r_m\right)^{12} = 1 + 0.05$$ $$\Rightarrow 1 + r_m = (1.05)^{\frac{1}{12}}$$ $$r_m = (1.05)^{\frac{1}{12}} - 1$$ 4. **Calculate $r_m$:** $$r_m = 1.05^{\frac{1}{12}} - 1 \approx 1.004074123 - 1 = 0.004074123$$ 5. **Calculate total time in months:** 2 years 5 months = $2 \times 12 + 5 = 29$ months 6. **Calculate amount after 29 months:** $$A = 4300 \times (1 + 0.004074123)^{29}$$ 7. **Calculate intermediate step:** $$A = 4300 \times (1.004074123)^{29}$$ 8. **Calculate power:** $$ (1.004074123)^{29} \approx 1.124682$$ 9. **Calculate final amount:** $$A = 4300 \times 1.124682 = 4836.141$$ 10. **Round to nearest penny:** £4836.14 **Final answer:** Abraham will have approximately £4836.14 in his account after 2 years and 5 months.