McClellan Cement is evaluating purchasing a line of cement mixing trucks. McClellan can either purchase new trucks that will produce $15,000 per year for seven years, or used trucks that will produce $18,000 per year for seven years. The new trucks cost $120,000 and can be sold at the end of seven years for $100,000. The used trucks cost $80,000 and will have no value at the end of seven years. Which project has the higher IRR? If the cost of capital is 7.1%, which project has the higher NPV? Which project should McClellan choose? IRR used > IRR new; NPV new > NPV used; choose used IRR new > IRR used; NPV used > NPV new; choose new IRR used > IRR new; NPV new > NPV used; choose new IRR new > IRR used; NPV used > NPV new; choose used