In this part, determine whether the statement is true, false or uncertain (i.e. the information provided is not enough to answer the question). Identify the key phrase that makes each statement true, false or uncertain. If the statement is false or uncertain, make the statement correct.

In the present-value formula, P = F/(1+i)ⁿ, the term (1+i)ⁿ is known as the rate of discount.