2.4 Explore Compound Interest

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6 Terms

1
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compound interest

interest earned on both the principal amount and any interest already earned

2
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Annual Compounding

The arithmetic process of determining the final value of a cash flow or series of cash flows when interest is added once a year.

3
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semiannual compounding

The arithmetic process of determining the final value of a cash flow or series of cash flows when interest is added twice a year.

4
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quarterly compounding

Compounding of interest over four periods within the year.

5
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daily compounding

interest that is computed each day and added to the account balance

6
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crediting

keeping a record of interest earned and add it into the account monthly or quarterly