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What does the concept time value of money mean

This posting addresses the given questions:

Problem: What does the concept "time value of money" mean? Why is the concept important? What are some practical applications of this concept for businesses? For individuals? What assumptions have to be accepted when discussing the "time value of money"?

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## Q : Accumulating money for retirement annuity

Al Corbin is 25 years old today and he wishes to accumulate enough money over the next 35 years to provide for a 20 year retirement annuity