Peter has put the money he has earned over the summer to pay for college tuition in January at a Canadian bank. He cannot touch that money until January 1. Which type of deposit does Peter have?

Question

Quizplus · Accepted Answer

A term deposit is a type of deposit where the money is locked in for a fixed period, and cannot be accessed until the end of that term, which aligns with Peter's situation.

Peter Has Put the Money He Has Earned Over the Summer