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How does compound interest work? VIDEO

I just need to know about:

If you put your money in a savings account, over time you’ll earn a bit of extra cash top of your investment. The extra money you earn is called ‘compound interest’.

Think of it as a bit of a reward from the place you invest for letting them hold onto your money.

In this video, First Nations Foundation CEO Phil Usher explains how compound interest works with an example.

If you’re interested in learning more, this calculator can show you how much you could earn from compounding interest over time, assuming you put money in regularly.

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