Compound Interest

Compound interest is a financial concept where interest is calculated not only on the initial amount of money but also on the accumulated interest from previous periods. This means that over time, the interest you earn or pay increases exponentially, accelerating the growth of your savings or the accumulation of debt. The longer you let compound interest work, the greater its impact, making it a powerful tool for growing wealth or a potential burden when managing loans or credit card balances.

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