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Explain the concept of compounded interest, and how this compounding may benefit ones retirement savings....

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Accounting

Explain the concept of compounded interest, and how this compounding may benefit ones retirement savings. For example, (not that any of us will receive a 100% interest compound on a daily basis), but imagine you began with a single penny. If you were able to compound and double your investment each day, how much would you have accumulated in a mere 30-day period? The answer is amazing at $5,368,709.12. Share examples your explanation of compounding interest.

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