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The valuation surveying profession has experienced in recent years a number of innovations in its technology. Perhaps the most popular of these innovations is the use of equated yield analysis in investment appraisal. However, there is one type of equated yield which has received little critical attention and yet is relatively easy to understand and is employed in practice with obvious benefits. It is the equated yield without growth, more commonly referred to as the equivalent yield. Occasionally defined as the overall or average yield, it is in any event an internal rate of return that may be found by discounting the varying cash flows at a constant discount rate.