A garage is comparing the cost of buying two different car hoists. Hoist A will cost $20,000, will require servicing of $1000 every two years, and last ten years. Hoist B will cost $15,000, require servicing of $800 per year, and last eight years. If the cost of capital is 7%, which is the better option, given that the firm has an ongoing requirement for a hoist using equivalent annual annuity? My solutions are below: For Project A: CF0=-20,000, CF1=-1,000, N=10/2=5, IRR=7*2=14, NPV=-23,433 PV=23,433, FV=0, N=10/2=5, I/Y=7*2=14, PMT=-6,825.64 Is -6,825.64 the equivalent annual annuity of Project A? Why or why not? Also, which is the better option? A or B