Zippy Moving is considering a line of moving vans. Zippy can either purchase new vans that will produce $70,000 per year for seven years, or used vans that will produce $110,000 per year for seven years. The new vans have a purchase price of $750,000 and they can be salvaged at the end of seven years for $500,000. The used vans cost $400,000 and have no salvage value. Which project has the higher IRR? If the cost of capital is 12,4%, which project has the higher NPV? Which project should Zippy choose? IRR used > IRR new: NPV new > NPV used: choose new IRR new > IRR used; NPV used > NPV new, choose used IRR used > IRR new, NPV used > NPV new, choose used IRR new > IRR used: NPV new > NPV used, choose used