The Time value of money must be considered in total outlay decision because?
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The limitations of a globe are: A globe cannot give the correct idea of the distances between two places. A globe is too small to get the actual size of an area. The types of terrain and landscape of a place cannot really be figured on a globe.
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Money has time value because: Individuals prefer future consumption to present consumption. Money today is more certain than money tomorrow. Money today is worth more than money tomorrow in terms of purchasing power. A dollar received in future is more valuable able than a dollar today. Inflation greatly reduced inflow Cash inflows and outflows occurs at different point. Cashflows are not known with certainty.
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