Answer:
$15,000 was invested at 13% per year, and $ 3,000 was invested at 3% per year.
Explanation:
Given that James invests a total of $ 18,000 in two accounts paying 13% and 3% annual interest, respectively, to determine how much was invested in each account if, after one year, the total interest was $ 2,040.00, the following calculation must be performed:
18,000 x 0.13 + 0 x 0.03 = 2340
16,000 x 0.13 + 2,000 x 0.03 = 2140
15,000 x 0.13 + 3,000 x 0.03 = 2040
Thus, $ 15,000 was invested at 13% per year, and $ 3,000 was invested at 3% per year.