Compound interest occurs when interest is earned on a principal sum along with any accumulated interest on that sum. In other ways, you're earning interest on interest. This principal helps your money grow. For example, if you deposit $100 and the interest rate is 5% each year. At the end of year one, you will have $105. At the end of year two, the compound interest is calculated by multiplying 5% by $105. At the end of year two, you would have $110.25. At the end of each year, interest is calculated on the amount in the account. 

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