What is the difference between Bounce rate & Exit rate?

Bounce Rate is the percentage of single-page sessions (i.e. sessions in which the person left your site from the entrance page without interacting with the page).
Exit rate as a term used in web site traffic analysis (sometimes confused with bounce rate) is the percentage of visitors to a site who actively click away to a different site from a specific page, after possibly having visited any other pages on the site. The visitors just exited on that specific page.
 
Here my views : Bounce Rate: the percentage of visitors to a particular website who navigate away from the site after viewing only one page. Exit rate is however assigned to each page on the amount of people who leave your website through that particular page.
 
Bounce rate is the percentage of people who landed on your site and left immediately. The sessions for these visitors would be one page sessions.
Exit rate is however assigned to each page on the amount of people who leave your website through that particular page.
Bounce rate can indeed be higher than Exit rates of few pages.
 
I had observed about bounce rate so many times but never checked Exit rate, Great explanation guys, can you please tell me how can I set analytics goal for Exit rate, so that i can follow and able to analyse Exit stats
 
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