How should corporate capital be allocated and which, if any, rules of behavior ought to guide business investment decisions? Much of the debate in the 1950's literature (see Solomon [18]) which set out to answer these questions focused upon choosing between the top two contending criteria for correct investment selection: present value and internal-rate-of-return. By invoking the assumption of perfect capital markets (see Hirshleifer [10]), the debate was essentially resolved in favor of present value. However, by dropping the perfect capital markets assumption and imposing a borrowing constraint, we characterize the relationship between an investment project's asymptotic (internal) growth rate and its set of internal-rates-of-return; this characterization resolves the debate in favor of the latter criterion.