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Definition of "Payback Period" |
The length of time it takes for the savings received to cover the cost of implementing the technology. / Payback period in capital budgeting refers to the period of time required to recoup the funds expended in an investment, or to reach the break-even point. For example, a $1000 investment which returned $500 per year would have a two-year payback period. The time value of money is not taken into account. Payback period intuitively measures how long something takes to "pay for itself." All else being equal, shorter payback period are preferable to longer payback period. |
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