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finance : to pay interest on both an amount of money and the interest it has already earned.
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Compound interest = total amount of principal and interest in future (or future value) less principal amount at present (or present value)
= P [(1 + i)n – 1]
Where:
P = principal
i = nominal annual interest rate in percentage terms
n = number of compounding periods
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Series of ideas on power or compounding in Personal Finance
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