The primary capital budgeting decision rule for project acceptance requires the:

💡 Explanation:

The Net Present Value (NPV) method is a core technique in financial management. The decision rule for an independent project is to accept the project if its NPV is positive (NPV > 0), as this indicates the project is expected to generate a return higher than the cost of capital and increase shareholder wealth. Option A is the rejection rule for IRR (IRR < Cost of Capital). Option B is a desirable outcome for the Payback Period, but it is not the universally preferred primary decision rule. Option D is incorrect as higher ARR is preferred, though ARR is often disregarded in favor of NPV/IRR.