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

Explanation:

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.

Answer:

D. Certificate of Deposit