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Is there a way to determine which type of project

Question 1
Is there a way to determine which type of project (profitable or unprofitable) we have, without waiting until the actual results for comparison?

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Question 2
What if one uses the ‘discounted' payback method? That is, are there circumstances were an organization should choose a project with a shorter DISCOUNTED payback period over a project with a higher NPV? If so, what are they?

Write in 150 words with REFERENCEs.

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Finance Basics: Is there a way to determine which type of project

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