Question

Sofia has saved $10,000. She wants to be sure that she is earning interest on her money and can add to her savings. She also wants to be able to access her money if the need should arise. Which type of account is most suitable for Sofia’s needs? a money market account a certificate of deposit a savings bond a savings account

Answer 1

Because she wants to be able to access her money she needs a high interest savings account that used compound interest that compounds as often as possible. so the answer is a money market. Hope this helps

Answer 2

If Sofia wants to be sure that she is earning interests on her money and wants to be able to access her money when she needs, she should have a Money Market Account. (Answer is option A)

Explanation: A money market account commonly has a higher annual interest rate than a saving account and also provides the owner with limited check-writing abilities. MMA as they are also known, are covered by the Federal Deposit Insurance Corp.