Question

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?

Answer 1

• 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