Haylie's $5000 CD is nearing its maturity and will have a maturity value of $6101.89. The renewal rate for her CD will be at a historic low and will lock up her money for another 5 years. Haylie feels she can earn higher rates by exploring different savings accounts. Which option should Haylie choose for her CD?

Question

Social Studies

Rayne Leblanc

Today, 07:20

Haylie's $5000 CD is nearing its maturity and will have a maturity value of $6101.89. The renewal rate for her CD will be at a historic low and will lock up her money for another 5 years. Haylie feels she can earn higher rates by exploring different savings accounts. Which option should Haylie choose for her CD?

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Answers (1)

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Hugo Johnston · Answer 1

I did this in my class. The answer is A. Haylie should choose to reinvest for her to have an opportunity to choose another bank that has higher rate for her investments.