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A Sum of Money Received at a Future Date Is

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A sum of money received at a future date is worth less than the same sum of money received today.Why? Explain this with an example.


Definitions:

Operant Behavior

Behavior that is controlled by its consequences, including rewards and punishments, in the context of learning.

Complaining

The expression of dissatisfaction or annoyance about something.

Blinking

A rapid closing and opening of the eyelid, which is an involuntary reflex to protect the eye from irritants and distribute tear fluid.

Respondent Behavior

Actions that occur as an automatic response to some stimulus, typically conditioned through learning processes.

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