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This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/eb013376. When citing the article, please cite: Jack Broyles, Julian Franks, (1976), “Capital Project Appraisal: A Modern Approach”, Managerial Finance, Vol. 2 Iss: 2, pp. 85 - 96.

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