What is the Time Value of Money principle? Please explain in depth and propose a real-world application that makes use of the Time Value of Money Principle.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter2: Using Financial Statements And Budgets
Section: Chapter Questions
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What is the Time Value of Money principle?

Please explain in depth and propose a real-world application that makes use of the Time Value of Money Principle. 

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