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.
LEAD-TIME is the time between the initial stage of a project or policy and the appearance of results, for example, the long lead-time in oil production because of the need for new field exploration and drilling.
MORTGAGE BOND is a bond in which the issuer has granted the bondholders a lien against the pledged assets.
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