If the present value payback period is less than the life of the project, one may conclude that:

		The project's accounting (book) rate of return exceeds the discount (hurdle) rate.
		The project's internal rate of return (IRR) is less than the discount (hurdle) rate.
		The project's IRR is equal to the weighted-average cost of capital.
		The project is not desirable in a present-value sense.
		The project's net present value (NPV) is positive.