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Explain the concept of compounded interest, and how this compounding may benefit

Explain the concept of compounded interest, and how this compounding may benefit one’s 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 of your explanation of compounding interest. No Plagiarism