Compound Interest: Why it is called the 8th wonder

Compound Interest: Interest earned on a principal balance that is reinvested generates compound interest. Savings accounts, for example, benefit from the concept of accelerating the growth of money.

Saving $1,000 and earning 8% interest on it would result in an ending balance of $1,080 at the end of the first year. The balance makes 8% interest in year two. Read More
 

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