Compound interest refers to the principle that when you save money, as well as earning interest on the savings, you also earn interest on the interest itself. It is the result of reinvesting interest, rather than spending it so that interest at the end of the year is then earned on the first amount Read more...
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Concept of compound interest very clearly and succinctly. It is important for people to understand the power of compound interest when it comes to saving money, as it can have a significant impact on their long-term financial goals.
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