From The Collaborative International Dictionary of English v.0.48 [gcide]:
Present value \Pres"ent value\ or Present worth \Pres"ent worth\ (of money payable at a future date). The principal which, drawing interest at a given rate, will amount to the given sum at the date on which this is to be paid; thus, interest being at 6%, the present value of $106 due one year hence is $100. [Webster 1913 Suppl.]
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