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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? Show all your work and answer in a complete sentence.

Respuesta :

Chef Alfredo made the investment 4 years ago.

To solve this problem, we have to use the formula of simple interest.

Data;

  • rate = 5%
  • principal = 4800
  • Simple Interest + principal = $6000
  • T = time ?

Simple Interest

The formula of simple interest is given as

[tex]S.I = \frac{PRT}{100}[/tex]

Let's subtract the principal from the final amount to know the simple interest

[tex]6000-4800=1200[/tex]

Substitute the values into the formula

[tex]s.i=\frac{prt}{100} \\1200=\frac{6000*5*t}{100}\\ 1200*100=6000*5*t\\120000=30000t\\t = 4[/tex]

The time he made that investment was 4 years ago

Learn more on simple interest here;

https://brainly.com/question/20690803

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