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How many times you have wandered through gifts and card shops to buy Christmas greeting cards for your friends, family and colleagues to be dispatched before Christmas Eve? It's a common practice through which Invitation businesses mint considerable money every year. Once you are through the hassle of selecting all the cards, there comes the tiring phase of penning down each one with an exclusive wish followed by your name and so on. The prospect of selecting and writing a large number of Christmas greetings is not only boring, but demands a lot of time and patience.

Also, how long is your investment horizon? Is it really that important to you to project out to 30 years or is 3λ years sufficient along with a terminal value that represents the expected NPV beyond 5 years? Usually this latter approach works best and looks the most credible to potential investors. There are numerous ways to calculate terminal value including multiples, current market values projected forward, and round guesstimates. Obviously these decisions are affected by your personal preference and the type of investment for which you're calculating present value.

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