Trading, page-341

I always use the discount rate as how much a dollar today is devalued going forward, so nothing to do with what we can borrow at. When organizations are working out the NPV of a project they all use a discount rate in their calculations.
Using this method, as part of the NPV, companies would 'value' $1M in the year 2000, using a 10% discount rate as 'worth' $166,771 in 2017. Has the dollar devalued by that much??

So personally I pay very little attention to the 'rates' applied knowing they are not appropriate. Back in the 70's and 80's using high rates for the NPV of an enterprise was appropriate as we had both high inflation and interest rates, so the value of money was deteriorating very quickly. Now it is entirely different and using discount rates should be more realistic.