Some people have suggested combining the payback period (PBP) method with present value analysis to calculate a discounted payback period (DPBP). Instead of using cumulative inflows, cumulative present values of inflows (discounted at the cost of capital) are used to see how long it takes to pay for a project with discounted cash flows. For a firm not subject to a capital rationing restraint, if an independent projects discounted payback period is less than some maximum acceptable discou