Today we talked about how money today is more valuable than money tomorrow. We factored in interest rates to illustrate what’s the best deal – $1 today, $5 in 5 years or $20 in 20 years. We also looked at how mutual funds work. This material is not in the text (so I will not test you on it) but it is important!!

We learned about the PV, FV and PMT functions in Excel, which we will spend more time learning about in the upcoming excel labs.