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Compound Interest is the snowball effect of money growth over time With Compound Interest Compound your money earns interest—and then that interest earns interest too. For example, when you open a typical savings account your bank pays you simple interest on your initial deposit.
With Compound Interest you earn money on the total balance in your account. This includes your orignal deposit amount, past any past interest payments on your account.
Open a high-yield savings accounts with compounding annual interest
Money Market Accounts
Purchase Government Bonds
Purchase a Whole-Life Insurance policy with cash benefits
Reasearch online insurance policies and compare your rates
Use this Compound Interest Calculator from the U.S. Securities and Exchange Commission (investor.gov) to understand your rates
Let's say you deposit $100 into a high-yield compound with a 5% annual yield percentage. If compounded Daily, you would earn $0.14 per day in interest. On the 1st day you would earn $0.14 brining your balance to $1,000,14. The next day you would earn compound interest on that new amount of $1,000,14 and so on. The longer you hold that account, the more nterest you will earn as your daily balance goes up.