Aria is investing 6700 of her savings from her job for her collage fund she is planning
to contribute an additional $200 each month to her fund. Let's calculate the total amount she will have in her college fund after a certain period.
Suppose the investment earns an annual interest rate of 5%.
First, let's calculate the interest earned on the initial investment of $6700:
Interest = Initial Investment * Interest Rate
Interest = $6700 * 0.05
Interest = $335
Now, let's calculate the interest earned on the additional monthly contributions of $200 over a period of time.
We'll assume she invests for 4 years or 48 months.
Total interest earned on monthly contributions = Total monthly contributions * Interest Rate
Total interest earned on monthly contributions = $200 * 48 * 0.05
Total interest earned on monthly contributions = $480
Next, let's calculate the total amount contributed to the college fund over 4 years:
Total contributions = Initial Investment + (Monthly contribution * Number of months)
Total contributions = $6700 + ($200 * 48)
Total contributions = $6700 + $9600
Total contributions = $16300
Now, let's calculate the final total amount in the college fund:
Final total = Total contributions + Total interest earned
Final total = $16300 + $335 + $480
Final total = $17115
Therefore, after 4 years, Aria will have a total of $17,115 in her college fund.