Present value is the value at some future date of a sum of money invested today to be returned at a future date, together with its earnings at some assumed rate of return. Product launch decisions based on back of the envelope cost estimates are frequently accurate because they are invariably too low. The strategic plan typically doesn't contain a lot of details about implementation. Excel has been used for years to build budgets, manipulate the numbers for presentation, develop alternative versions and insert changes. Assets pledged by a borrower to protect the lender's interests by guaranteeing the loan repayment are called collateral. True or False True or False True or False True or False True or False