Indicate whether the sentence or statement is true orfalse.
1. The time value of money is the gain of purchasing power thatoccurs over time as a result of inflation.
2. In inflation, a dollar received now can purchase more than adollar received five years from now.
3. Simple interest is added onto the principal to determine thetotal amount owed or due.
4. Compound interest is the interest that is earned or chargedon both the principal amount and on the interest alreadyaccrued.
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