Solve the Problem $A = P \left( 1 + \frac { r } { n } \right) ^ { \text {nt } }$

question 15

Multiple Choice

Solve the problem.
-Laura borrows $5000 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 4 years. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { \text {nt } }$ where:
$\mathrm { A } =$ final amount
$\mathrm { P } = \$ 5000$ (the amount borrowed)
$r = 9 \% = 0.09$ (the annual rate of interest)
$\mathrm { n } = 12$ (the number of times interest is compounded each year)
$t = 4$ (the duration of the loan in years)

• A)$241,800.00
• B)$7157.03
• C)$7872.73
• D)$5151.70

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Definitions:

DSM

Diagnostic and Statistical Manual of Mental Disorders; a manual published by the American Psychiatric Association that categorizes and defines mental disorders.

Overdiagnosis

The diagnosis of a disease or condition that is unlikely to cause harm during a person's lifetime, leading to unnecessary treatment and anxiety.

Diagnostic Labels

Terms or phrases used by healthcare professionals to identify and classify mental health disorders or medical conditions.

Cognitive Explanations

Theories or accounts that explain human behavior and mental processes in terms of how people understand, think about, and interpret the world around them.