Question

HELP!!! URGENT!!!

A bank offers all savings accounts 5% interest compounded annually. If one account has a principal of $100 and another
has a principal of $1,000, which account will double first? Explain how you arrived at your answer. Answer in complete sentences

Answer 1

$100 account

Explanation:

to double, $100 only need to earn 100 in interest, while $1000 account will need earn $1000 in interest. because the interest is the same for both, so the $100 account will double first