I am assuming that the figure needed is the present value of the deposit.
Future value = 3,000
term = 5
rate = 3%
PV = FV [1 / (1+r)^n)]
PV = 3,000 [1 / (1+0.03)^5]
PV = 3,000 [1 / (1.03)^5]
PV = 3,000 [1 / 1.159]
PV = 3,000 [0.8628]
PV = 2,588.40
The amount that should be invested is 2,588.40 for it to have a value of 3,000 after 5 years at the rate of 3%.
