present value
noun
the current capital value of a future income or outlay or of a series of such incomes or outlays. It is computed by the process of discounting at a predetermined rate of interest
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012