FORWARD, in securities, is an agreement between two parties to exchange specific items, for example, two currencies, at a specified future date and a specified price.
CUT-OFF YIELD, in securities, is the yield at which or below which the bids are accepted.
PRESENT VALUE is the discounted value of a payment or stream of payments to be received in the future, taking into consideration a specific interest or discount rate. Present Value represents a series of future cash flows expressed in todays dollars. A given amount of money is almost always more valuable sooner than later, so present values are generally smaller than corresponding future values.
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