Question 11 4 pts The advantage of the payback period over other capital budgeting techniques is that it directly accounts for the time value of money it always leads to decisions that maximize the value of the firm. it is the simplest and most easily understood. o it ignores cash flows beyond the payback period. it incorporates risk into the discount rate used to solve the payback period. Question 12 4 pts If the NPV for a project is positive, then it must be that the internal rate of return is lower than the discount rate used. accepting the project increases the value of the firm. the discounted payback period is longer than the useful life of the project. this project is preferred to any other mutually exclusive project. the project is not acceptance on a risk adjusted basis