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Return on investment (ROI) can be measured on either a dollar basis or a rate of return basis. Which of the following statements about ROI is false? A. Net present value (NPV) is a dollar return measure. B. Internal rate of return (IRR) is a rate of (percentage) return measure. C. ROI measures use time-value-of-money concepts. D. The calculation of IRR requires the project cost of capital (discount rate). E. The calculation of NPV requires the project cost of capital (discount rate).

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