Cory would like to deposit into a savings account the amount of $500 today, earning 5 percent interest compounded annually, so that he can withdraw $10,000 later to buy an engagement ring. In calculating how long it will take Cory to meet his objective, what do we call the $10,000?

1. discounted value

2. future value

3. present value

4. wasted value

5. salvage value