  The main goal of this paper is presentation a modern axiomatic approach to
financial arithmetic. At the first, the axiomatic financial arithmetic theory
was proposed by Peccati who has introduced the axiomatic definition of the
future value. This theory has been extensively developed in past years.
Proposed approach to financial arithmetic is based on the financial flow
utility concept. This utility function is defined as linear extension of
multicriteria comparison determined by the time preference and the capital
preference. Then the present value is equal to financial flow utility.
Therefore, the law of diminishing marginal wealth utility has been considered
as additional feature of the present value. The future value is defined as the
inverse of utility function. This definition is a generalization of the Peccati
one. The net present value is given as the unique additive extension of
financial flow utility. Moreover, the synergy effect and the diversification
effect will be discussed. At the end, the axiomatic present value definition
will be specified in three ways.
