大家好，想问个关于payback period 的问题：
becker书上这么解释的：the time period that is required for the net after-tax
cash inflows to recover the initial investment in a project is considered
the payback period.
公式： net initial investment/ INcrease in annual net after-tax cash flow=
Payback period.
这种算法是不考虑time value of money的。
但是在讲internal rate of return时，为了算irr，也要算payback period，这个
payback period在这里又叫present value factor, 而irr和present value method都
是要考虑time value of money的。这里的公式是：Net incremental investment/Net
a
