The Rules
- Do not leave your answer in the comments!
- Please give the answer to me via this link (https://steemit.chat/direct/hansenator) and up-vote.
- Solution will be posted next week towards the end of contest post.
- First 8 correct solutions will be paid out in steem!
1st place will receive 6 STEEM,
2nd - 4 STEEM
3rd - 2 STEEM
4th and 5th - 1 STEEM
6th through 8th - .5 STEEM - Any other correct DMs will get a 100% up-vote on their latest post (17-20 cents).
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?
Hint: Here is a lesson on such a problem for those of you that do not remember how to do this.