Briefly explain what 'future value' and 'present value' are in finance. Can you share a real$-$world example where these concepts might come in handy?

Let's discuss the importance of the Internal Rate of Return $($IRR$)$ and Net Present Value $($NPV$)$ in financial decision$-$making. Why is NPV often considered the best decision criterion?

Can you give an example of a capital budgeting decision with using NPV and IRR?