What is the difference between a Spot Instance, an On-demand Instance, and a Reserved Instance?

Spot instances are unused EC2 instances that users can use at a reduced cost.
When you use on-demand instances, you must pay for computing resources without making long-term obligations.
Reserved instances, on the other hand, allow you to specify attributes such as instance type, platform, tenancy, region, and availability zone. Reserved instances offer significant reductions and capacity reservations when instances in certain availability zones are used

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