Final answer:
The PMT function calculates the payment for a loan based on constant payments and a constant interest rate, not how much money will grow over time. The statement is false.
Step-by-step explanation:
The PMT function does not determine how much your money will grow over a period of time; rather, it calculates the payment for a loan based on constant payments and a constant interest rate. Therefore, the correct answer to the question is b) False. The PMT function is widely used in finance for determining periodic payments on loans such as mortgages, auto loans, or personal loans. In contrast, functions or formulas that determine how much money will grow over time are typically related to interest calculations, such as those performed using compound interest formulas or the future value function.