The difference between simple and compound interest in a savings account is that ______________.

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asked Jul 21, 2020 189k views

1 Answer

Josef Vancura · Answer 1 · 2020-07-26T01:10:42+0000

Answer:

The difference is that the simple interest gives you interest only on the deposited amount in the account while the compound interest is calculated over the deposited amount and the previous interest amount added to the deposited amount.

Explanation:

The difference between simple and compound interest in a savings account is that ______________.

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