Despite being conceptually unsound payback period is very popular in business as criteria for assigning priorities to investment projects. Explain.
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In business, an investor is always interested to know about his profit, how long will it take for him to recover his investment. And that time is called the payback time. It is extremely important from investment point of view as investors prefer projects that have lower payback period as this will keep them in investing cycle. If payback period is very large, then the investor has to wait more before he could put his money in further projects
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