He had a $1.05 million salary this year, but the entire amount was deferred without interest so the present-day value was $468,091.

But with $57.5 million deferred without interest, the present-day value is reduced to about 75 percent of the total.

"What does this say about ourselves and our present-day values?"

We get no credit at all for present-day value of the art - it's original cost only.

The deferred payments are worth about $820,000 when discounted to present-day value.

Jones did it by exercising options on several players' contracts to buy deferred money at present-day value.

This rich heritage should be recognized and appreciated for its present-day value.

In cases where money was deferred without interest, the amount is discounted to reflect present-day value.

The deferments will be paid without interest and make the present-day value of the contract about $3.2 million.

That contract, which will take effect after he retires, has a present-day value of about $1 million.