McClellan Cement is evaluating purchasing a line of cement mixing trucks. McClellan can either purchase new trucks that will produce $50,000 per year for seven years or used trucks that will produce $35,000 per year for seven years. The new trucks cost $350,000 and can be sold at the end of seven years for $180,000. The used trucks cost $175,000 and will have no value at the end of seven years. If the cost of capital is 6%, which project should McClellan choose and why? Choose new trucks since it has higher IRR Choose old trucks since it has higher NPV Choose either one since both have the same NPV Choose new trucks since it has higher NPV Choose old trucks since it has higher IRR