Google Analytics Bounce Rate V/s Exit Rate

Bounce rate and Exit rate are 2 metrics whose definitions and names often manage to confuse analysts and this is one of my favorite topics to talk about in my Google Analytics trainings.
Let's start by Understanding official definitions of both.

Bounce Rate: The percentage of single-page session (single page sessions / total sessions ) %

Exit Rate: The percentage of exits from the property that occurred out of the total pageviews. (exits / pageviews )%

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