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Miller was the first to show that
Present Value
The present value of a future amount of money or series of cash flows, discounted at a certain rate of return.
Cash Flows
The total amount of money being transferred into and out of a business, particularly in the context of operating, investing, and financing activities.
Discounted
A reduced price from the standard cost of goods or services, often used as a sales promotion.
Rate of Return
The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.
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