Final answer:
The value today of receiving an amount in the future is referred to as the present value. It is a concept in finance that takes into account the time value of money.
Step-by-step explanation:
The value today of receiving an amount in the future is referred to as the present value. It is a concept in finance that takes into account the time value of money. The present value of a future amount is calculated by discounting the future cash flows at a specified interest rate. This allows us to determine how much money we would need in the present to equal a certain amount in the future.