SOLUTION: Calculate the future value Princial - P3,000 Interest rate - 7% Made of payment - monthly Length of annuity - 5 years

It is a classic Ordinary Annuity saving plan. The general formula is 


    FV = ,    (1)


where  FV is the future value of the account;  P is your monthly payment (deposit); r is the monthly percentage yield presented as a decimal; 
n is the number of deposits (= the number of years multiplied by 12, in this case).


Under the given conditions, P = 3000;  r = 0.07/12;  n = 12*5 = 60.  So, according to the formula (1), you get at the end of the 5-th year


    FV =  =  = $214.778.70.


Note that you deposit only  12*5*$3000 = $180,000.  The rest is what the account earns/accumulates in 5 years.