NPVs and IRRs for Mutually Exclusive Projects

Davis Industries must choose between a gas$-$powered and an electric$-$powered forklift truck for moving materials in its factory. Since both forklifts perform the same function, the firm will choose only one. $($They are mutually exclusive investments.$)$ The electric$-$powered truck will cost more, but it will be less expensive to operate; it will cost $$21,000,$ whereas the gas$-$powered truck will cost $$17,230.$ The cost of capital that applies to both investments is $11\%.$ The life for both types of truck is estimated to be $6$ years, during which time the net cash flows for the electric$-$powered truck will be $$6,100$ per year and those for the gas$-$powered truck will be $$5,300$ per year. Annual net cash flows include depreciation expenses.

Calculate the NPV for each type of truck. Round your answers to the nearest dollar.

Electric$-$powered truck $

Gas$-$powered truck $

Calculate the IRR for each type of truck. Round your answers to two decimal places.

Electric$-$powered truck

$\%$

Gas$-$powered truck

$\%$