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Benefits of using Payback Period
only relies on cash flow forecasts, which are estimates
simplicity
Limitations of using Net Present Value
ignores the long-term profitability of an investment
assumes future cash flows have the same value as those of today
different businesses will weigh up the payback period differently
Benefits of Net Present Value
considers the change in value of money over time
compare opportunities with different investment periods.
Limitations of of Net Present Value
more complex to calculate
assumptions have to be made about the future value of money