Suppose you calculate the ordinary payback for a project, given the project cash flows and a required rate of return of 12%. After you calculate the payback, you discover that the actual required rate of return is 14%. The new payback you calculate using a required rate of return of 14% lower than the payback calculated with a required rate of return of 12% higher than the payback calculated with a required rate of return of 12% the same as the payback calculated with a required rate of return of 12% uncertain because it could be either lower than the payback calculated with a required rate of return of 12% Suppose you calculate the Net Present Value (NPV) for a project, given the project cash flows and a required rate of return of 12% After you calculate the NPV you discover that the actual required rate of return is 14% The new NPV you calculate using a required rate of return of 14% would be lower than the NPV calculated with a required rate of return of 12% higher than the NPV calculated with a required rate of return of 12% the same as the NPV calculated with a required rate of return of 12% uncertain because it could be either lower or higher than the NPV calculated with a required rate or return of 12%