“Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… pays it” –Albert Einstein

This is a well-known quote in the world of investing. If it is so great, I’m sure you’re wondering why is it so great or how does it work? Simply put, compound interest allows your savings or investment to grow over time based on the original amount of money you saved plus the interest earned over time. There are 3 key components:

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