what do mean by compounded annually no answer from Google
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Compounding is the process whereby interest is credited to an existing principal amount as well as to interest already paid. ... When banks or financial institutions credit compound interest, they will use a compounding period such as annual, monthly, or daily.
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Meaning of interest compounded annually in English
Meaning of interest compounded annually in Englisha method of calculating and adding interest to an investment or loan once a year, rather than for another period: If you borrow $100,000 at 5% interest compounded annually, after the first year you would owe $5,250 on a principal of $105,000.
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