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COPYRIGHT?ZHULI Chapter 4 The time value of money Objectives Calculate the future value to which money invested at a given interest rate will grow Calculate the present value of a future payment Calculate present and future values of a series of cash payments Find the interest rate implied by present and future values Understand the difference between real and nominal cash flows and between real and nominal interest rates. Compare interest rates quoted over different time intervals—for example, monthly versus annual rates. Content Future values and compound interest Present values Multiple c