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Which of the following is a limitation of the payback period as aa capital budgeting investment criteria? a. It does not incorporate time-value of money.

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Which of the following is a limitation of the payback period as aa capital budgeting investment criteria? a. It does not incorporate time-value of money. b. It requires an arbitrary cut-off. c. It favors projects with shorter lifetimes. d. All of the above. e. None of the above

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