Cookie Learning Centers enters into a contract to customize and sell its LaLa tutoring software to the Westbro United School District. The contract price is $ 5 comma 500 comma 000 and must be paid to Foster Cookie immediately. Under the terms of the contract, Foster Cookie must deliver the software at the end of a ten-year period. The interest rate incurred on similar financing agreements in the industry is 2%. Read the requirementsLOADING.... Future Value of $1 tableLOADING... Future Value of an Ordinary Annuity tableLOADING...Future Value of an Annuity Due tableLOADING... Present Value of $1 tableLOADING...Present Value of an Ordinary Annuity tableLOADING...Present Value of an Annuity Due tableLOADING... Question content area bottom Part 1 Requirement a. Is there a significant financing component in this contract? A. A significant financing component exists because the time period from payment to delivery is ten years and the interest rate is 2%. B. A significant financing component exists because the contract price is in excess of $1,000,000, creating a need to record interest. C. A significant financing component does not exist because the time period from payment to delivery is ten years and the interest rate is 2%. D. A significant financing component does not exist because a valid contract is signed and the interest rate is based on the industry rate at 2%