Present Value
Present Discount Value
The value of an expected future reward or income as determined on the date of valuation. Often, this value is always less than or equal to the future value because of the time-value of money — i.e. money has interest-earning potential.
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Origin
Used in finance and economics for centuries, but the term itself is believed to have originated in the early 20th century. The concept has since become a key principle in finance and economics, and has been used to analyze a variety of financial instruments, from bonds and annuities to stocks and real estate.