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## Thursday, January 20, 2005OutstandingBrownie points to the first to figure out the problem with this analysis in my Analytical Methods supplement: $1.06 is known as the future value of $1 invested for one year at 6 percent. By the same logic we can say that $.94 invested today at 6 percent will yield $1 in one year. The $.94 is the present value of $1 to be received in one year when the interest rate is 6 percent. Emphasis in original. I'm also annoyed by the lack of "%" use and the decimal without a 0. For the record, that was taken from Robert C. Higgins, Financial Management: Theory and Applications (1997) p. 41. ## Posted by Gel 9:59 AM Post a Comment |
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