This paper is reproduced at the University of Vaasa in the electronic format with the permission of The Finnish Journal of Business Economics. Copyright (c) 1981 by The Finnish Journal of Business Economics and the authors.
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Please use the following reference to this publication: Salmi, T. and Luoma, M. (1981), "Deriving the Internal Rate of Return from the Accountant's Rate of Profit: Analysis and Empirical Estimation", The Finnish Journal of Business Economics 30:1, 20-45. Also available from World Wide Web: <URL:http://www.uwasa.fi/~ts/jkay/jkay.html>.
* We wish to acknowledge with gratitude the contribution by Matti Heikkilä, Lic.Sc. (Techn.) and similarly thank Professor Reijo Ruuhela for his useful comments. Any errors and inadequacies are however, our sole responsibility. Kay's method was first brought to our attention by Associate Professor Jouko Ylä-Liedenpohja.