QUESTION IMAGE
Question
question 24
3.5 pts
juan saved $1,000 from his summer job cleaning pools. which of these account types would work best for him if he doesnt need access to the money for a number of years and wants to earn the highest interest rate?
google translate
- money market account
- checking account
- regular savings account
- certificate of deposit
Brief Explanations
To determine the best account type, we analyze each option:
- Money Market account: Offers moderate interest but more liquidity than needed here.
- Checking account: Primarily for daily transactions, low interest.
- Regular Savings account: Offers low - moderate interest, more accessible than needed.
- Certificate of Deposit (CD): Requires leaving money untouched for a fixed term (matches "doesn't need access for years") and typically offers the highest interest rate among these options for such a scenario.
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D. Certificate of Deposit