To determine which of the given points lies on the graph of the function \( y = (2x + 1)^2 - 4 \), we can evaluate the function for each provided x-coordinate and see if the resulting y-coordinate matches the given y-coordinate of the points.
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For the point \( (1, 2) \): \[ y = (2(1) + 1)^2 - 4 = (2 + 1)^2 - 4 = 3^2 - 4 = 9 - 4 = 5 \] The point \( (1, 2) \) does not lie on the graph.
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For the point \( (0, -2) \): \[ y = (2(0) + 1)^2 - 4 = (0 + 1)^2 - 4 = 1^2 - 4 = 1 - 4 = -3 \] The point \( (0, -2) \) does not lie on the graph.
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For the point \( (-1, -3) \): \[ y = (2(-1) + 1)^2 - 4 = (-2 + 1)^2 - 4 = (-1)^2 - 4 = 1 - 4 = -3 \] The point \( (-1, -3) \) lies on the graph.
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For the point \( (-1, -5) \): \[ y = (2(-1) + 1)^2 - 4 = (-2 + 1)^2 - 4 = (-1)^2 - 4 = 1 - 4 = -3 \] The point \( (-1, -5) \) does not lie on the graph.
Thus, the only point that is on the graph of the function \( y = (2x + 1)^2 - 4 \) is \( \boxed{(-1, -3)} \).