The Present Value of a Sum Is

Multiple Choice

The present value of a sum is:

A) The value of the sum at the end of a given period of time.
B) The value of the sum at the beginning of a given period of time.
C) The value of investing the sum at the beginning of the given period of time rather than at the end.
D) The value of investing the sum at the end of the given period of time rather than at the beginning.
E) None of the above.