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10 April, 17:12

Explain how compound interest works. in three sentences.

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  1. 10 April, 18:49
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    "Compound interest is calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. Thought to have originated in 17th-century Italy, compound interest can be thought of as "interest on interest," and will make a sum grow at a faster rate than simple interest, which is calculated only on the principal amount."
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