Suppose I want to compute the time value of money (present value, future value, etc). I need to put an interest rate into the calculation.
Which real world interest rate would best be used here, assuming that I'm concerned with US securities?
Should I use the Fed Funds rate? Should I use the T-bill/bond rates? If so, which period T-bill/bond rates should I use? Should I use the short-term interest rate or long-term interest rate?