Answered

Joel has a small deposit to save and is looking for an account that offers a higher rate of return. He does not need to have easy access to the money. Which of the following options would best suit his needs?

A. Money market account
B. Traditional savings account
C. Certificate of deposit
D. Traditional checking account



Answer :

GinnyAnswer

Final answer:

A Certificate of Deposit would be the best option for Joel, offering a higher interest rate in exchange for less immediate access to his funds.


Explanation:

Certificate of Deposit (CD) would best suit Joel's needs. By depositing a certain amount of money for a fixed period, he can earn a higher interest rate than a regular savings account, even though there's a penalty for early withdrawal. CDs offer a higher return with less immediate access to the funds, making them ideal for those not needing instant liquidity.


Learn more about Certificate of Deposit (CD) here:

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