I’ve gotten as far as buying $1000 worth of XEQT in TFSA do I just leave it for 30 years now?
In: Economics
Compound interest is where future interest calculations include previous interest. Imagine you borrowed $100 at 10% assessed monthly. If it is simple interest, every month, there is an additional $10 of interest. If it is compound interest, the first month there’s $10 of interest, the second month is $11 of interest because it’s being calculated off of 110 instead of off of just the principal.
Latest Answers