Weaknesses of the discounted payback system of evaluating investments include:

(A)The fact that it ignores the separation theorem.

(B) The fact that it ignores the timing of the associated cash flows.

(C) The fact that it ignores cash flows after the payback period.

(D)The fact that it uses an arbitrary cut-off period.

(E) Both (C) and (D) above.

Without excel, with explanation.