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　　Payback Period Method
　　Formula：Net initial investment
　　Increase in annual net after-tax cash flow
　　Advantages
　　-Easy to use and understand–no complex formulas
　　-Emphasis on liquidity–management focus on return of capital
　　Limitations
　　-The time value of money is ignored
　　-Project cash flows occurring after the initial investment is recovered are not considered
　　-Reinvestment of cash flow is not considered
　　-Total project profitability is neglected.