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What is the time value of money role in finance

Question 1. Define the difference between strategic planning and financial planning. Describe how the two are related?

Question 2. Define the difference between forecasting and budgeting. What is the difference between an operating budget and a cash budget?

Question 3. What is meant by the time value of money? What is the Time Value of Money's role in finance?

Please include any references.

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Finance Basics: What is the time value of money role in finance

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