Prepare a paper in which you highlight some of the key components of Time Value of Money (TVM). In your paper be sure to identify at least one financial application of TVM employed by each of the following businesses:
a. Commercial banks
b. Credit card financial service companies
c. Insurance companies
d. State governments - lotteries
e. Retirement plan financial service providers.
The solution contains a note on time value of money and its applications in various fields like banks, lotteries, credit card companies, insurance companies and retirement plan financial service providers.