SAT Math Question (17) - Winners and Solution

Hello Everyone! Congratulations to my last few winners of the contest! Here are the standings:
(1) @xabi - 6 Steem
(2) @doughtaker - 4 Steem
(3) @rigor - 2 Steem
(4) @happyme - 1 Steem
(5) @dayonos - 1 Steem

Great job everyone! I hope to see you next time!

The Question

A students wants to save some money for his future, so he takes his entire life savings of $1200 and puts it into a CD. The bank offers a 2.5% annual interest rate compounded monthly for 40 years. How much is the CD worth then?

The Solution

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