The time value of money concept can help you determine how much money you need to save over a period of time to achieve a specific savings goal.

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The time value of money concept recognizes that a specific amount of money has different values at different points in time due to its potential earning capacity. This principle can be used to calculate how much money needs to be saved or invested at present to reach a future savings goal, taking into account factors like interest rates and compounding periods.

The Time Value of Money Concept Can Help You Determine