On November 1 , year 1 , a company purchased a new machine that it does not have to pay for until November 1 , year 3 . The total payment on November 1 , year 3 , will include both principal and interest. Assuming interest at a 10% rate, the cost of the machine would be the total payment multiplied by what time value of money concept? Future amount of $1 Present value of $1 Present value of annuity of $1. Future amount of annuity of $1