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Which of the following statements regarding the accrual equivalent after - tax return is most likely TRUE? It is always less than the taxable return

Which of the following statements regarding the accrual equivalent after-tax return is most likely TRUE?
It is always less than the taxable return
It doesn't incorporate the effect of deferred taxes
It is the return that equates the present value formula to the after-tax accumulation
it ignores the capital gains tax effect associated with selling the assets at the end of the period
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