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Interest calculated on the initial principal and also on the accumulated interest from previous periods.
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. It is often called "interest on interest" and can cause wealth to grow exponentially over time. The formula is A = P(1 + r/n)^(nt), where P is principal, r is annual rate, n is compounding frequency, and t is time. In India, FDs typically compound quarterly, while SIPs compound monthly. Albert Einstein reportedly called compound interest the "eighth wonder of the world."
A = P(1 + r/n)^(nt)Calculate your mutual fund SIP returns with step-up option. Free SIP planner for long-term wealth creation.
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