rubyferrante101
Answered

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James invests a total of $18,000 in two accounts paying 13% and 3% annual interest, respectively. How
much was invested in each account if, after one year, the total interest was $2,040.00.
S
was invested at 13% and
S
was invested at 3%.

Sagot :

francocanacari

Answer:

$15,000 was invested at 13% per year, and $ 3,000 was invested at 3% per year.

Step-by-step 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.

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