sawyer just got his learners permit and cant wait to buy his first car. he received a large sum of money for…

sawyer just got his learners permit and cant wait to buy his first car. he received a large sum of money for his birthday and put it in an account to help it grow. he opened an account that required a large initial deposit, but that pays a high interest rate and allows him easy access to his money. what kind of account did sawyer open?\n\nselect a response.\nsavings account\nmoney market account (mma)\ncertificate of deposit (cd)\nchecking account

sawyer just got his learners permit and cant wait to buy his first car. he received a large sum of money for his birthday and put it in an account to help it grow. he opened an account that required a large initial deposit, but that pays a high interest rate and allows him easy access to his money. what kind of account did sawyer open?\n\nselect a response.\nsavings account\nmoney market account (mma)\ncertificate of deposit (cd)\nchecking account

Answer

Brief Explanations:

The account described has three key characteristics: a high initial deposit requirement, a high interest rate, and easy access to funds (liquidity).

  • A Savings Account typically has lower interest rates and lower deposit requirements.
  • A Certificate of Deposit (CD) offers high interest but restricts access to money for a fixed term, meaning it does not allow "easy access."
  • A Checking Account provides easy access but usually offers very low or no interest.
  • A Money Market Account (MMA) combines features of both savings and checking accounts; it requires a higher minimum balance/deposit and offers higher interest rates while still allowing the owner to withdraw money easily via checks or debit cards.

Answer:

Money Market Account (MMA)