Which capital budgeting technique recognizes the time value of money?

Name: Which capital budgeting technique recognizes the time value of money?
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Question

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Internal rate of return (IRR) recognizes the time value of money by considering the cash flows over the life of the project and discounting them back to their present value using a discount rate. The other capital budgeting techniques (payback period, book rate of return, return on investment) do not explicitly take into account the time value of money.

Which Capital Budgeting Technique Recognizes the Time Value of Money