You didn't say whether the 3% interest is simple interest, or compound interest, or how often it's compounded. Each type of interest leads to a different answer.
-- If it's 3.0% simple interest, then your money earns
(3.0 x 5) = 15%
in 5 years. At the end of the 5 years, your investment would be worth
(1.15 x 3000) = $3450.
-- If the 3.0% is compounded annually, then in 5 years your money earns
(1.03)⁵ = 1 + 15.93%
and the original investment is worth (3000 x 1.1593) = $3,477.82 .
