Rosa is a high school freshman with no savings. She wants to buy a new smartphone in a few months for $300. Which account type best matches Rosa's financial goals?
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The correct answer is simple savings account.
Simple savings account is made for these customers who want the freedom to make withdrawals without any lock-in period.
Money market account is for businessmen who want to deposit and withdraw money on a daily basis.
Certificate of deposit is suitable for those who do not need funds immediately and can fix funds for a certain period of time.
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Savings account is a type of account where a person deposits a given sum of money and earns a good deal of interest on it.
If Rosa plans to open a savings account, she will be getting a small sum of money as interest periodically and thus will be able to buy a phone after a couple of months.
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