Judy Martinez, owner of Judy's Fashions, received a $12,000 tax refund. She deposited the money in Chase Bank. The terms of the agreement are that she must leave the money on deposit for three years and the bank will pay her 2.0 percent interest. Her account is a

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The terms of leaving the money on deposit for three years and earning interest make it clear that Judy should open a certificate of deposit account. This type of account is specifically designed for saving money for a fixed period of time, and typically pays higher interest rates than other types of accounts.

Judy Martinez, Owner of Judy's Fashions, Received a $12,000 Tax