Given a choice between calculating returns using the holding period return (HPR) or the formula for the future value, you should select the future value formula because the A. HPR fails to consider the discounted value of the purchase price. B. future value formula incorporates the timing of cash flows. C. HPR overstates the internal rate of return in direct proportion to the discount rate. D. future value formula incorporates cash payments that are omitted in the HPR.