Answer
3,695.27 dollars
Work Step by Step
We use the compounding formula: $$ a = p (1 + r/n)^{rt}$$ Plug in the given values to find: $$ a = 3000 (1 + .03/2)^{2 \times 7}$$ Then, follow PEMDAS. In other words, first address parentheses, and then resolve exponents. Next, simplify division and multiplication, and lastly address subtraction and addition. This gives: 3,695.27 dollars.
