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You are deciding between two mutually exclusive investment opportunities. Both require the same initial investment of $10.5 million. Investment A will generate $2.14 million per year (starting at the end of the first year) in perpetuity. Investment B will generate $1.48 million at the end of the first year, and its revenues will grow at 2.9% per year for every year after that. a. Which investment has the higher IRR? b. Which investment has the higher NPV when the cost of capital is 6.5%? c. In this case, when does picking the higher IRR give the correct answer as to which investment is the best opportunity? a. Which investment has the higher IRR? The IRR of investment A is %. (Round to two decimal places.) You need a particular piece of equipment for your production process. An equipment-leasing company has offered to lease the equipment to you for $9,500 per year if you sign a guaranteed 5-year lease (the lease is paid at the end of each year). The company would also maintain the equipment for you as part of the lease. Alternatively, you could buy and maintain the equipment yourself. The cash flows from doing so are listed below (the equipment has an economic life of 5 years). If your discount rate is 7.1%, what should you do? Year 0 - $40,900 Year 1 - $1,800 Year 2 - $1,800 Year 3 - $1,800 Year 4 - $1,800 Year 5 - $1,800 The net present value of the leasing alternative is $ . (Round to the nearest dollar.)