The principle of the time value of money is probably the single most important concept in financial management. One of the most frequently encountered applications involves the calculation of a future value.

The process for converting present values to future values is referred to as $.$

Which of the following is not one of these variables?

The inflation rate indicating the change in average prices

The duration of the investment $($n$)$

The present value $($PV$)$ of the amount invested

The interest rate $($r$)$ that could be earned by invested funds