Which of the following statements is true? The higher the discount rate, the higher the present value. The process of accumulating interest on interest is referred to as discounting. O If money is worth 10% compounded annually, $1,100 due one year from today is equivalent to $1,000 today. If a single sum is due on December 31, 2012, the present value of that sum decreases as the date draws closer to December 31, 2012