A company is considering investing in a new production line that will cost $2 million. The production line is expected to generate annual cash flows of $500,000 for the next 6 years. The company's cost of capital is 10%. The company is also considering investing in a research and development project that will cost $1 million. The R&D project is expected to generate annual cash flows of $400,000 for the next 8 years. The company can only choose one of these projects. Which project should the company choose based on the net present value (NPV) method?