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14 cards from this deck
Reward for saving money in a bank account
Total amount of money in account at a given time
Interest on original deposit only, same amount each year
Original amount × (interest rate/100)
Interest on total balance including previous interest, grows each year
Balance at start of year × (interest rate/100)
Annual Equivalent Rate (for compound interest)
Compound Annual Return (for compound interest)
Rates that stay the same for a set period
Rates that can increase or decrease over time
Certainty and predictable returns
Flexibility to move money to better rates
Deposit Interest Retention Tax
Deducted automatically from interest before you receive it
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