Explore dynamic present values in this comprehensive lecture from Yale University's Financial Theory course. Delve into the evolution of present values along the forward curve and learn how to compute them efficiently using backward induction. Discover how dynamic present values illuminate trading strategy returns and the importance of marking-to-market. Gain insights into mortgage mechanics, including amortization and remaining balance calculations. Conclude with an analysis of the challenges facing the U.S. Social Security system, applying present value concepts to a critical real-world issue.