Answer
${{\$}} 3705.48$
Work Step by Step
The amount A
after investing P dollars at rate r annual interest,
compounded m times a year, for a period of t years is
$A=P\displaystyle \left(1+\frac{r}{m}\right)^{mt}$
Given
$A=5000,\ r=0.03,\ m=12$, $t=10$
we solve for P:
$5000=P(1+\displaystyle \frac{0.03}{12})^{120}$
$P=\displaystyle \frac{5000}{(1+\frac{0.03}{12})^{120}}\approx{{\$}} 3705.48$
