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What is an overview of the interpretations of Acts 16:31 “Believe in the Lord Jesus, and you will be saved, you and your household.”?

"Believe in the Lord Jesus, and you will be saved, you and your household. ... and you and your family will be saved.(Acts 16:31)

What is an overview of the major interpretations of this verse. I would like a simple understanding of both the Catholic and Protestant philosophies.