Introduction:Time Value of Money (TVM) $1 today is worth more than the expectation of $1 tomorrow because: a bank would pay interest on the $1 inflation makes tomorrows s1 less valuable than today's uncertainty of receiving tomorrow's $1 THE COURSE OF FINANCE 2017 SPRING STTUIntroduction: Time Value of Money (TVM) $1 today is worth more than the expectation of $1 tomorrow because:  a bank would pay interest on the $1  inflation makes tomorrows $1 less valuable than today’s  uncertainty of receiving tomorrow’s $1 THE COURSE OF FINANCE 2017 SPRING SJTU 4