Which of the following statements concerning the discounting process is correct?

		Discounting recognizes that a dollar to be received at some time in the future is worth more than a dollar to be received today.
		Discounting produces a greater difference between a future value and a present value as the number of years over which the process takes place is reduced.
		Discounting involves calculating a present value based on a known future value.
		Discounting produces a greater difference between a future value and a present value as the rate of interest used in the process is reduced.