The concept of time value of money has numerous "real-world" applications. Some of the applications range from calculating the payment for a car or mortgage to estimating what interest rate is needed on an investment to send your child to college in 20 years. Do you believe the concept of time value money is important in ordinary business relationships? Explain. How would you use a concept of time value to determine the value of the business? Yes,I do believe that the time value of money concept is important in ordinary business.For example,if want to purchase something today it may only cost me $10.If I choose to wait to purchase it next year,it will most likely cost more due to inflation and other factors.Another example of the importance of understanding the time value of moneywould bedeciding to take a lump-sum bonus dollar amount versus receiving the money increments.It is wise to review each scenario and determine the financial outcomes based on theterms. We can use the concept of the time value of money to determine the value of a business.This is done by calculating the future positive cash flow that the business will bring in. Next, you apply a discount to the calculated future cash flow based on the time value of money. The future cash flow of a business will determine it's value. Do you agree with this paragraph