what is the most suitable option for norm to invest his $15,000, considering his daughters upcoming college…

what is the most suitable option for norm to invest his $15,000, considering his daughters upcoming college plans and the associated interest rates?\na. a four - year cd paying 4.8% interest, with a substantial penalty for early withdrawal\nb. an online savings account offering 2.3% interest\nc. a money market account paying 3.5% interest, renewable for three - month commitments\nd. a checking account with no monthly fees\nplease select the best answer from the choices provided\no a\no b\no c\no d

what is the most suitable option for norm to invest his $15,000, considering his daughters upcoming college plans and the associated interest rates?\na. a four - year cd paying 4.8% interest, with a substantial penalty for early withdrawal\nb. an online savings account offering 2.3% interest\nc. a money market account paying 3.5% interest, renewable for three - month commitments\nd. a checking account with no monthly fees\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Brief Explanations:

Norm needs the money for his daughter's college soon. A CD has a penalty for early - withdrawal which may be a problem if he needs the money before 4 years. A checking account has no interest. The online savings account has a lower interest rate compared to the money - market account. The money - market account has a relatively good interest rate and is renewable for short periods, providing some flexibility.

Answer:

C. A money market account paying 3.5% interest, renewable for three - month commitments