Investors are adapting to a world of higher interest rates, which reduce the present value of future earnings.

投资者正在个利率上升世界，利率上升会降低未来收益现值。

That surplus amounts to $45 billion, in today's money, between 1960 and 2013.

这方法假设条件是将差额部分视作项不用偿还负债。从1960到2013，这数据换算成现值总计达450亿美元。

Specifically, the present value of future cash flow, as shown right there.

具体来说 未来现金流量现值，如那上面所述。

Besides possibly triggering a downturn, they reduce the present value of tech companies' profits, most of which lie far in the future.

除可能引发经济低迷之外，它们还会降低科技公司利润现值，而这些利润大多还需要很长时间才能兑现。

But although higher interest rates hurt asset values, they can also be helpful for pension schemes, because they reduce the present value of future payouts.

但是，尽管较高利率会损害资产价值，但它们也可能对养老金计划有所帮助， 因为它们会降低未来支出现值。

This year central banks across the rich world have repeatedly raised interest rates, shrinking the present value of the coupons bonds pay out and causing their prices to sink.

今年，发达国家银行再提高利率，缩减支付息票债券现值并导致其价格下跌。

Now this must be at least equal to the present value of the opportunity to postpone replacement which will result from laying up the equipment; and it may be more.

现在这必须至少等于因搁置设备而推迟更换机会现值；而且可能更多。

It is buffeting young tech firms particularly hard as the present value of their profits, most of which lie far in the future, are being eroded by rising interest rates.

它对年轻科技公司打击尤其严重， 因为它们利润现值（其大部分是在遥远未来） 正在被不断上升利率侵蚀。

'The rate of return over cost', he writes, 'is that rate which, employed in computing the present worth of all the costs and the present worth of all the returns, will make these two equal'.

“成本回报率”，他写道，“是用来计算所有成本现值和所有回报现值，使这两者相等比率”。

The sum has three moving parts: the value of the current investment pot, the discount rate used to calculate the present value of future payouts, and the stream of those expected future payments.

该总和包含三个移动部分： 当前投资底池价值、用于计算未来支出现值贴现率， 以及这些预期未来支出流。

But we should also ask ourselves, had there been a net present value calculation or a cost-benefit analysis done about whether or not to even try to go to the Moon and back again in a generation, we probably wouldn't have started.

是否有过净现值计算或成本效益分析来决定是否要在我们可能不会开始代人时间里尝试去月球再回来。