Which of the following best describes the difference between simple and compound interest? There is no difference between simple interest and compound interest. Simple interest earns interest on the previous interest earned only. Compound interest earns interest on the principal plus any previous interest earned. Compound interest earns interest on the principal only.

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“ Which of the following best describes the difference between simple and compound interest? There is no difference between simple interest and compound interest. Simple interest earns interest on the previous interest earned only. Compound interest earns interest on the principal plus any previous interest earned. Compound interest earns interest on the principal only. ”

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