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

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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