Present Value - PV
The amount that a future sum of money is worth today given a specified rate of return.
Investopedia Commentary
This sounds a bit confusing, but it really isn't. An investment that earns 10% per year and can be redeemed for $1000 in five years would have a present value of $620. In other words, $620 today is worth $1000 in five years.
Related Links
Understanding The Time Value Of Money
See also: Future Value, Internal Rate of Return (IRR), Net Present Value (NPV), Time Value of Money