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An easy way to think about compound interest is interest building on interest. Itâ€™s the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. The compound interest formula is `P (1 + r/n)^(nt)`

, where `P`

is the initial principal balance, `r`

is the interest rate, `n`

is the number of times interest is compounded per time period and `t`

is the number of time periods.