Answer
$34844.17$.
Work Step by Step
Let the money owed $=A$.
The given values are
Time $t=3\;years$.
Borrowed $P=\$30,000$.
Rate of interest $r=5\%=0.05$.
Number of periods $n=12$.
Formula $A=P(1+\frac{r}{n})^{nt}$.
Substitute all values into the formula.
$A=30,000(1+\frac{0.05}{12})^{12\cdot 3}$.
Simplify.
$A=30,000(1+0.00416666666)^{ 36}$
$A=30,000(1.00416666666)^{ 36}$
$A=34844.17$.
