Question 6 of 6 Sawyer just got his learner's permit and can't wait to buy his first car.He received a large sum of money for his birthday and put it in an account to help it grow. He opened an account that required a large initial deposit,but that pays a high interest rate and allows him easy access to his money. What kind of account did Sawyer open? Select a response. Savings Account Money Market Account (MMA) Certificate of Deposit (CD) Checking Account

The correct answer is:<br /><br />**Money Market Account (MMA)**<br /><br />### Explanation:<br />A **Money Market Account (MMA)** typically requires a large initial deposit, offers a higher interest rate compared to regular savings accounts, and provides easier access to funds than a Certificate of Deposit (CD). This matches the description in the question. <br /><br />Here’s why the other options are less likely:<br />1. **Savings Account**: While it allows easy access to money, it usually does not require a large initial deposit or offer as high an interest rate as an MMA.<br />2. **Certificate of Deposit (CD)**: CDs often have higher interest rates but do not allow easy access to funds because they lock your money for a fixed term.<br />3. **Checking Account**: Checking accounts provide easy access to money but generally do not pay high interest rates.<br /><br />Thus, Sawyer most likely opened a **Money Market Account (MMA)**.