Time value of money

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Time value of money is the cost of having to wait for repayment.

Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Time value of money. The cost of having to wait for repayment.

According to Cost Accounting by Horngren, Datar, Rajan (14th edition),

Time value of money. Takes into account that a dollar (or any other monetary unit) received today is worth more than a dollar received at any future time.
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