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Because capital budgeting involves cash flows occurring at various times in the future, we must make them equivalent at a particular point in time. This involves the use of the time value of money. All this term really means is that a dollar today is worth more than a dollar tomorrow. As long as there is an opportunity to earn a positive return on funds, a dollar today and a dollar a year from now are not equivalent. (In the consumer choice context, there is a time value of money even in the absence of being able to earn a positive return. A dollar today provides extra options to the individual. In particular, if an individual is provided with a dollar today, she or he can either spend it today or save it to spend tomorrow. This option does not exist for the dollar tomorrow.) Thus to put cash flows originating at different times on an equal basis, we must apply an interest rate to each flow so they are expressed in terms of the same point in time. In capital budgeting calculations, cash flows are usually brought back from various points in the future to the beginning of the projecttime zero. It is then said that all cash flows are discounted to the present to obtain a present value. This is a useful convention, although we could discount or compound the flows to any date. Those of you who are unfamiliar with time value of money calculations or whose memory on this subject is rather hazy will benefit from reading the time value of money material on the Companion Website.

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