One of the upsides to keeping your money in a bank account is the chance to earn compound interest — you earn interest on both the funds you deposit in an account and on the interest that money earns.

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On the surface, an interest rate is just a number. How that number applies to debt or equity opens up a world of possibilities. The first consideration is always whether it’s simple interest vs.

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Compound interest is a favorable method of compensating lenders and depositors wherein interest is periodically credited to the principal, and subsequent interest is paid on the increasing balance.