Solve
-Find Out How Long It Takes A $\$ 3000$ Investment to Earn

question 276

Multiple Choice

Solve.
-Find out how long it takes a $\$ 3000$ investment to earn $\$ 400$ interest if it is invested at $9 \%$ compounded semiannually. Round to the nearest tenth of a year. Use the formula $A = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { n t }$ .

• A) \(1.6\) years
• B) \(1.8\) years
• C) \(1.2\) years
• D) \(1.4\) years

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Definitions:

Preauthorization

Prior approval of insurance coverage and necessity of procedure; refers to obtaining plan approval for services prior to the patient receiving them; relates not only to whether the services are covered but also whether the proposed treatment is medically necessary.

Medically Necessary

A term used to describe treatments, services, or supplies needed to diagnose or treat a medical condition, determined by healthcare providers.

Indemnity-Type Insurance

A form of insurance where the insurer compensates the insured for losses in exchange for premiums paid, without providing the service directly.

Referral for Patient Care

The process by which a healthcare provider sends a patient to another specialist or service for further examination or treatment.