The concept of the time value of money dictates all of the following statements except:

A future value of a cash flow is an undiscounted value because it includes compounded interest while a present value is a discounted value of a cash flow because it has interest removed.

There is always a cost associated with using money over time called $$interest$$ whether it is explicitly stated or implicit in the arrangement.

When a retailer offers zero percent financing, it is effectively reducing the price of the goods sold by the amount of the implicit interest.

A dollar today is equal in value to a dollar in five years due to the stability of monetary systems.