Charlamagne has a goal of purchasing a condo at the beach within the next 10 years. He currently has $5,000 to put toward the down payment on the condo and does not anticipate using the funds for any other purpose. He would like to make a one-time deposit that can increase in value over the next 10 years. If Charlamagne already has his emergency fund in place, the best option for the $5,000 to grow and help him meet his goal would be to acquire a

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Certificates of deposit (CDs) typically offer higher interest rates than savings, checking, and money market accounts, making them a better option for a one-time deposit intended to grow over a fixed period, like 10 years, without needing immediate access to the funds.

Charlamagne Has a Goal of Purchasing a Condo at the Beach