Should I accept an enemy retreat?

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When I fight a battle against enemies often when I've killed enough of them they offer a retreat.
What advantages and disadvantages are there to accepting an enemy retreat?
The only advantage I can see at the moment is that I will not lose any more of my army through combat, but will I receive less reward?
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Superman Wants The Enemy To Retreat
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Images: Andrea Piacquadio, Francesco Ungaro, RF._.studio, Angela Roma