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Chef Alfredo invested $4800 at a simple interest rate of 5% and can now afford a $6,000 state-of-the-art pizza oven. How many years ago did he make this investment?
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Chef Alfredo invested $4800 at a simple interest rate of 5% and can now afford a $6,000

state-of-the-art pizza oven. How many years ago did he make this investment?

User Sacx
by
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1 Answer

7 votes

Answer:

  • 5 years

Explanation:

The difference in the amounts is the total interest:

  • 6000 - 4800 = 1200

Yearly interest is:

  • 4800*0.05 = 240

Time in years:

  • 1200/240 = 5
User Robin Barnes
by
6.6k points
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