what is compound interest? explain in simple words
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Answer:
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.
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Answer:
When you deposit money in a savings account or a similar account, you'll usually receive interest based on the amount that you deposited.