Pharoah Incorporated management is considering investing in two alternative production systems. The systems are mutually exclusive, and the cost of the new equipment and the resulting cash flows are shown in the accompanying table. The firm uses a 8 percent discount rate for production systems. Year 0 1 2 3 System 1 -$12,310 12,397 12397 12.397 System 2 -$46.130 31.360 31,360 31360 Compute the IRR for both production system i and production system 2. (Do not round intermediate calculations. Round answers to 2 decimal places, es 15.25%) IRR of system 11s 96 and IRR of system 2 is Which has the higher IRR? has higher IRR Compute the NPV for both production system 1 and production system 2. (Do not round Intermediate calculations. Round answers to 2 decimal places es 1525) NPV of system iss and NPV of system 25 Which production system has the higher NPV? has higher NPV