Question: Chinyere is planning to take a study abroad course for 6 weeks in Paris in 12 months. She currently has 75% of the cost

Chinyere is planning to take a study abroad course for 6 weeks

Chinyere is planning to take a study abroad course for 6 weeks in Paris in 12 months. She currently has 75% of the cost saved up and needs to earn money on the amount she has saved in order to reach her goal. She is concerned that if the money is easily accessible, she will be tempted to use it for other purchases. Which of the following options would be best for Chinyere? A Invest in a money market account earning .25% more than the savings account. Fund the additional amount by using her credit card to cover the remainder of the cost. Invest the money in a credit union savings account at 1.5% APR. Invest in a 12-month CD paying 2.0% APR.

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