Which of the following statements is true?

The process of accumulating interest on interest is referred to as discounting.

If a single sum is due on December 31, 2020, the present value of that sum decreases as the date draws closer to December 31, 2020.

If money is worth 6% compounded annually, $1166 due one year from today is equivalent to $1100 today.

The higher the discount rate, the higher the present value