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Cash payback period
investment ÷ net annual cash
Payback method/disadvantage
ignores time value of money
If payback > useful life
investment not recovered
Payback advantage
easy to compute and understand
Discount rate
required rate of return
Primary cash flow method
Net present value
Negative NPV
reject project
Positive NPV
accept project
Zero NPV
acceptable project
High discount rate
lowers NPV
Profitability index
present value ÷ investment
Internal rate of return
rate where NPV = 0
Annual rate of return
based on net income (not cash)
Average investment
(initial + salvage) ÷ 2