NPV unequal lives Grady Enterprises is looking at two project opportunities for a parcel of land the company currently owns. The first projeds a restaurant, and the second project is a sports facility. The projected cash flow of the restaurant is an initial cost of $1,550,000 with cash flows over the next six years of $150,000 (year one), $290,000 (year two). $270,000 (years three through five), and $1,800,000 (year six), at which point Grady plans to sell the restaurant. The sports facility has the following cash flows: an initial cost of $2.380,000 with cash flows over the next four years of $450,000 (years one through three) and $2,850,000 (year four), at which point Grady plans to sell the facility. If the appropriate discount rate for the restaurant is 95% and the appropriate discount rate for the sports facility is 12.5%, use the NPV to determine which project Grady should choose for the parcel of land Adjust the NPV for unequal lives with the equivalent annual annuity Does the decision change?