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Which of the following is a limitation of the profitability index as a 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 profitability index as a capital budgeting investment criteria? a. It does not incorporate time-value of money. b. It requires an arbitrary cut-off. c. It favors smaller projects. d. All of the above are limitations of the PI. e. None of the above

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