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Which phrase best describes a certificate of deposit?
A. An account in which money must stay deposited for a specific
amount of time
B. An account that features an interest rate that varies according to
changes in the market
C. Money that is lent with the expectation that it will be paid back
later, often with interest
D. An account that pays interest but cannot be used in conjunction
with checks or debit cards

Sagot :

Answer:

An account in which money must stay deposited for a certain amount of time.

Step-by-step explanation:

The account in which money must stay deposited for a certain amount of time. is the correct phrase describing about the certificate of deposit. Hence, option A. is correct.

What is the deposit?

A deposit is saving your fund in some risk free investment avenues for growing the value of money deposited over the period of time. The deposits can be in the form of cash deposits or any collateral deposits, depending upon the type of financial avenue.

The certificate of deposit is the legal document that is given by the financial institution or the deposit holder to the depositor of fund. It entails the total amount of deposit, the specified time period for which the fund is deposited, the interest rate, and the terms and conditions attached with such type of deposits.

Therefore, option A. is correct.

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