Which of the following would NOT require taking into account the time value of money?
Deciding to make a long-term investment in a project on the basis of its payback period.
Selecting an investment project on the basis that it has a positive net present value (NPV).
Calculating the present value of a five-year annuity.
Taking a long-term investment decision on the basis of the project’s internal rate of return (IRR).
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