joel has a small deposit to save and is looking for an account that offers a high rate of return. he does…

joel has a small deposit to save and is looking for an account that offers a high rate of return. he does not need to have easy access to the money, and he doesnt mind taking a risk. which of the following options would best suit his needs?\nmoney market account\ntraditional savings account\ncertificate of deposit\ntraditional checking account

joel has a small deposit to save and is looking for an account that offers a high rate of return. he does not need to have easy access to the money, and he doesnt mind taking a risk. which of the following options would best suit his needs?\nmoney market account\ntraditional savings account\ncertificate of deposit\ntraditional checking account

Answer

Brief Explanations:

  1. Money market accounts offer higher returns than traditional savings/checking, have some risk, and limit easy access.
  2. Traditional savings accounts have low returns and low risk, not matching the high return goal.
  3. Certificates of deposit have fixed, moderate returns with limited access but very low risk, not fitting the risk tolerance for higher returns.
  4. Traditional checking accounts prioritize easy access, have very low returns, and no risk, conflicting with Joel's needs.

Answer:

Money market account