UK: Current value of future payments. It is calculated by deducting an amount for interest, and taking account of how likely it is that the money will be paid. Also called capitalised value.
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MEDICAL,USA: For future stream of payments, a lump sum amount that, if invested on a certain date (evaluation date), together with interest earnings, would be enough to meet each of the payments as they fell due. At the time of the last payment, the invested fund would be exactly zero.
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The current value of an amount due in the future.
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The current value of future money before interest earnings are included.