MILLAGE Definition

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MILLAGE is a rate (as of taxation) expressed in mills per dollar.

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CONVERTIBLE BOND is a bond that can be converted to other securities under certain conditions.

INTERNAL RATE OF RETURN (IRR) is the discount rate that makes the project have a zero Net Present Value (NPV). IRR is an alternative method of evaluating investments without estimating the discount rate. IRR takes into account the time value of money by considering the cash flows over the lifetime of a project. The IRR and NPV concepts are related but they are not equivalent.

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