Describe the effects of time and discount rates on present values as it relates to willingness to pay

Present value is the current amount of money of a future cash flow given a particular rate of return. According to discounting rates, the less time separates you from cash flow, the less time affects value thus a decrease in time will cause the present value to increase and the greater time affects value, the greater the risk and opportunity cost. In contrast, high-interest rates will cause present values to be low, but future values to be high. Also, if the present value remains constant and time passes, the higher the future value and vice versa. Moreover, if the interest rate or the number of periods remain constant, the present value will increase if the future value increases and vice versa since they both vary jointly.