Compound interest is rather simple. Let's say you have $100 and you put it into an account that is gaining 6% interest for a year. At the end of that year, you have $106. The next year, you gain 6% interest on that $106 and so on. Over time, you begin earning more and more because your balance has grown.
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Compound Interest - Turning "Chump" Change Into $1000s
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