DISCOUNTED VALUE Definition

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DISCOUNTED VALUE is the present value of the sum of future payments after they has been discounted back. The higher the discount rate used, the lower the present value of the future sum.

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CHIAO (JIAO) is a currency of China.

BLACK MARKETS are created when buyers and sellers meet to negotiate the exchange of a prohibited or illegal good. More generally, it is any unofficial market in which prices are inordinately high.

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