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What is the present value of an investment? The current value of a future cash flow, discounted at an appropriate interest rate to account for

What is the present value of an investment?
The current value of a future cash flow, discounted at an appropriate interest rate to account for the time value of money.
The future value of an investment at the present moment.
The value of an investment at a specific point in time.
The value that an investment was worth in the past.

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