SAT Math Question (17) - A Contest

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.