COMPOUNDING;magic trick for being rich.
- Compounding is the process whereby interest is credited to an existing principal amount as well as to interest already paid.
- Compounding can thus be construed as interest on interest—the effect of which is to magnify returns to interest over time, the so-called "miracle of compounding."
- When banks or financial institutions credit compound interest, they will use a compounding period such as annual, monthly, or daily.
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