Question: Why does the right to collect $ 1 . 0 0 in the future have a present value that is less than $ 1 .

Why does the right to collect $1.00 in the future have a present value that is less than $1.00, even if the price of goods is not expected to increase? If t is the number of years you have to wait to collect the dollar and i is the per-year interest rate your bank pays for t-year CDs, why is its present value exactly equal to $1.00(1+i)-t?
Why does the right to collect $ 1 . 0 0 in the

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