Question

question 6 of 6
sawyer just got his learners permit and cant wait to buy his first car. he received a large sum of money for his birthday and put it in an account to help it grow. he opened an account that required a large initial deposit, but that pays a high interest rate and allows him easy access to his money. what kind of account did sawyer open?
select a response.
○ savings account
○ money market account (mma)
○ certificate of deposit (cd)
○ checking account

Explanation:

A Money Market Account (MMA) typically requires a large initial deposit, offers a relatively high interest rate compared to savings accounts, and provides easy access to funds (though with some limitations compared to checking accounts, but more than CDs). A savings account usually has lower initial deposit requirements and lower interest. A CD has limited access (penalty for early withdrawal) and a fixed term. A checking account is for daily transactions, not high - interest growth with a large initial deposit focus. So the account Sawyer opened is a Money Market Account (MMA).

Answer:

B. Money Market Account (MMA)