Evaluating mutually exclusive investment alternatives : rate of return methodology reconciled with net present worth. Presented at the 52nd Annual Meeting of the Highway Research Board, Washington, January 1973.

In an effort to further refine one aspect of cost-benefit-analysis, the rate of return approach and the net present worth approach to investment analysis is reviewed and a refinement in the rate of return approach that yields conclusions more similar to those using the net present worth approach is suggested.