You're right about the inflation adjustment (which is separate from a net-present-value adjustment). I guess I was assuming constant-dollars. To be clear, net-

You're right about the inflation adjustment (which is separate from a net-present-value adjustment). I guess I was assuming constant-dollars. To be clear, net-present-value is the bird-in-the-hand principle. A dollar now is worth more to you than a future dollar, EVEN IF YOU ASSUME NO INFLATION. https://en.wikipedia.org/wiki/Net_present_value https://en.wikipedia.org/wiki/Net_present_value