Hey there!
The answer to your question is a compound sentence.
A compound sentence has a dependent clause and an independent clause.
The first part of the sentence, "Like all magnificent things," is a dependent clause. A dependent clause cannot stand alone as a sentence. This is because it does not contain both a subject and a predicate. A subject is the person or thing that performs the action, and the predicate is the action being done. Therefore, the first part of the sentence is a dependent clause.
The second part of the sentence, "it's very simple," is a independent clause. An independent clause can stand alone as a sentence. This is because it does contain both a subject and a predicate. Therefore, the second part of the sentence is an independent clause.
Since the sentence contains an independent clause and a dependent clause, it is a compound sentence.
Hope this helps! Good luck and have a great day!