Which investment is best for someone who is likely to need cash soon?

A. Mutual fund
B. CD
C. 401(k)
D. Savings account

Question

04-08-2024
Business

Answered

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Which investment is best for someone who is likely to need cash soon?

A. Mutual fund
B. CD
C. 401(k)
D. Savings account

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-08-04T10:41:57-04:00

Final answer:

A Certificate of Deposit (CD) is the best investment option for someone needing cash soon due to its fixed interest rate and low-risk nature.

Explanation:

Certificate of Deposit (CD) would be the best investment option for someone needing cash soon as it offers a fixed interest rate over a specific term, ensuring the principal amount is preserved while gaining a modest return. CDs are low-risk and can be easily converted to cash before maturity, albeit with potential penalties.

On the other hand, mutual funds, a 401(k), and a standard savings account might not be ideal choices for someone seeking immediate access to cash due to potential restrictions on withdrawal or market fluctuations affecting returns.

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