Question

7. Compound interest allows savings
to grow dramatically over the long
term. This is also known as
(interest on interest)​

Answer 1

Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. 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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Answer 2

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