Explain the importance of time value of money in financial planning

Explain the importance of time value of money in financial planning. Provide an example of how time value of money calculations can be used in both business and personal settings. Explain your examples in detail.

What relationship between the required return and the coupon interest rate will cause a bond to sell at a discount? At a premium? At its par value? Describe the events that occur in an efficient market in response to new information that causes the expected return to exceed the required return. What happens to the market value?

Describe the difference between the three capital budgeting methods. Which method do you think provides the most useful result? Explain. 
one page per topic or 250 words