Why is time such an important factor in financial matters? How does the frequency of interest compounding regardless of the rate of interest or period of accumulation affect the future value of any given amount? Explain your answer. How might you use the principles of the time values of money to your financial benefit?Discussion Question #2What are annuities and why is it necessary to calculate their present value? Why is the calculation of the present value of any future amount important? Why is the present value of any future amount greater when the discount rate is lower? Explain your answers.