Unlocking Financial Growth: The Power of Compound Interest
Introduction
Understanding the concept of compound interest can be the key to unlocking significant financial growth. Unlike simple interest, where you only earn interest on the initial principal, compound interest means you’re earning interest on both your original principal and the interest already accrued. This mechanism can rapidly increase your savings or investment value over time.
The Basics of Compound Interest
In simple terms, compound interest is essentially
Related Terms: Simple Interest, Annual Percentage Yield, Interest Rates, Principal Amount, Investment Returns.
