Final answer:
A Certificate of Deposit (CD) provides fixed interest rates for a set period in exchange for a promise to keep the funds deposited for that time.
Explanation:
A Certificate of Deposit (CD) is the type of account that offers fixed interest rates for a set period of time, such as six months or a year. With a CD, depositors agree to keep their money in the account for a specified duration in exchange for higher interest rates compared to regular savings accounts. Early withdrawal from a CD usually incurs a penalty.
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