Question

PLEASE HELP

Vincent has set a financial goal to purchase a home in five years. He wants a two-bedroom house with a small backyard in the north side of the city. He has $5,000 currently in his savings account. If he doesn’t deposit or withdraw any money, what type of savings account or savings bond should he choose? Keep in mind that he wants to have the most money in his account at the end of five years.

Conduct a web quest, make phone calls to banks, or visit financial institutions to find the best account for Vincent. Provide the name of the financial institution and the account name. Describe how this option best benefits Vincent.

Answer 1

The type of savings you should make is a fixed term deposit

Step-by-step explanation:

When we have unused capital and want to make it grow, it is a good alternative to earn money because, when we leave our money in a bank for a certain time, we will receive it together with an additional sum due to profitability, Our reward for leaving the money to the bank and not using it.