A capital budgeting method that takes into consideration the time value of money is theThe major difference between the net present value method and the annual rate of return method in evaluating a capital project is

the ARR method focuses on overall profitability of a project.

the NPV method focuses on the overall profitability of a project.

the NPV method is easier for managers to justify than the ARR method.

the ARR method is easier for accountants to justify than the NPV method.

return on shareholders' equity method.

internal rate of return method.

annual rate of return method.

cash payback technique.