Give Two Reasons Why Social Security Is Compulsory for Most

question 7

Essay

Give two reasons why Social Security is compulsory for most workers.

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Definitions:

Interest

The cost of borrowing money, typically expressed as an annual percentage of the loan amount.

Bank

A financial institution licensed to receive deposits, make loans, and offer various financial services, such as currency exchange and wealth management.

Compound Rate

The rate at which interest is earned on both the initial principal and the accumulated interest from previous periods.

Savings Account

An account in a bank or financial institution where the main amount is safe and earns a small amount of interest.