A. Grady Enterprises is looking at two project opportunities for a parcel of land that the company currently owns. The first project is a restaurant, and the second project is a sports facility. The restaurants projected cash flow is an initial cost of $1,500,000 with cash flows over the next six years of $200,000 (year one), $250,000 (year two), $300,000 (years three through five), and $1,750,000 (year six), at which point Grady plans to sell the restaurant. The sports facility has the following cash outflow: initial cost of $2,400,000 with cash flows over the next four years of $400,000 (years one to three) and $3,000,000 (year four), at which point Grady plans to sell the facility. If the appropriate discount rate for the restaurant is 9% and the appropriate discount rate for the sports facility is 10%, using NPV and IRR to determine which project Grady should choose for the parcel of land.