Compound interest is the interest calculated not only on the original principal but also on the interest already accumulated.
What is compound interest?
Compound interest is the interest, as on a loan or a bank account, that is calculated on the total on the principal plus accumulated unpaid interest.
A compound interest is calculated yearly on the accumulated interest of a particular amount. This is unlike the simple interest that is calculated only on the original principal.
Therefore, compound interest is the interest calculated not only on the original principal but also on the interest already accumulated.
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