Let’s take an example of Mr. A putting $10,000 in a savings vehicle with 8% simple interest and Mr. B putting $10,000 in another savings vehicle with 8% compound interest annually.

With simple interest, Mr. A earns $800 every year or $18,000 over 10 years.

With compound Interest, the savings vehicle of Mr. B gives him 8% on combined plus interest for the next year’s calculation. When you see the difference between simple and compound interest, you now understand how powerful it can be.

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