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Which of the following statements is not correct? Payback period means how long it takes to recover initial cost of a project. Payback period ignores

Which of the following statements is not correct?

Payback period means how long it takes to recover initial cost of a project.

Payback period ignores cash flows beyond the cutoff date.

IRR is the discount rate that makes the NPV = 0.

NPV and IRR will always give the same decision for new projects.

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