What are you thinking about for punishment? Making her pay you back for the wasted $2000? Insist she keep taking the SAT until she gets a perfect score? Taking her phone and beating her? No one here is going to advise those things. It’s fairly unanimous that you should do nothing except encourage her, no ‘punishment’ and there is rarely a consensus on College Confidential.
I think colleges are looking for students who are able to balance their studies with other interests. I think most admission officers would rather see a 1520 with a winning essay from a literary magazine, a dance award, debate club, Model UN than a 1590 with no activities, a student who is nervous and scared to speak in the interview, whose essays are boring because the student hasn’t DONE anything. The activity doesn’t have to be amazing or inspiring, just fun for the student. If you want her to lose weight, encourage a physical activity that can also reduce stress - yoga, running, tennis, art.