What is Compound Interest?
- The compound interest is when interest is added to the principal and the interest that has been added also itself earns interest. For example, when you have $1,000 with 10% compound interest, after first year you'll have $1,100 and the next year, the money will increase to $1,210. On the third year, it'll be $1,331.
What is "the Rule of 72"?
- The rule of 72 is mathematical method of finding out how much compound interest is gained after certain year. For example, to find out how many years would take for $1 to double with compound interest of 10% then all you have to do is 72/10 = 7.2. So it would take 7.2 years to double the money.
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