ABSTRACT
1 The normalized CTV procedure is designed to transform the stream of net benefits B1,B2, …, b t , arising from an initial outlay K into an equivalent stream, 0, 0, …, TV(B), this being shorthand for the terminal value of the stream of net benefits generated by the initial outlay K. From this TV(B) we are to subtract TV(K), or the terminal value of the outlay K, conceived as the terminal value of the opportunity cost of investing the sum K.
