If you are 16 and you have $1,000 that you want to save, but you want a higher rate of interest and are willing to commit the money for 2 years, what is the best option for you to consider?

Question

- a mutual fund
- a savings account
- a CD
- a money market mutual fund

Answer 1

The best option for you to consider would be a Certificate of Deposit (CD). CDs typically offer higher interest rates than savings accounts, and by committing your money for a specific period of time, such as 2 years in this case, you can earn a higher return on your investment. Additionally, CDs are safe and low-risk investment options.