Do you currently have a 4 prong cord on attached to the dryer?
Is your problem that you don't know how to hook up the three prong cable or is it that you don't know which conductor is which on the three prong cable?
On your three conductor cable, the (possibly smaller) middle conductor is the neutral.
The outer two are the two hots.
Does the dryer currently have a 4 prong cord? If it does then you will need to make a small change to the neutral bonding wire on the dryer. I can show you how if this is the case. It would be preferable to use a 4 prong plug set up but three is acceptable.
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Thanks very much.
Ok. If the dryer currently has a 4 wire connection, you will see a small wire connected to the center terminal that disappears into the dryer. This is the bonding wire. Since your new three wire cord does not have a separate ground, you need to take that small wire and screw it into the existing ground terminal - where the existing ground wire in the 4 conductor cord is attached.
A drawing may help.....take the wire that is on the center terminal and ground it to the dryer case like this:
Then connect your new three wire cable.
Make sure you do this. Failure to do this is dangerous and not to code.
Again, a 4 wire is preferable.