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NPVs and IRRs for Mutually Exclusive ProjectsDavis Industries must choose between a gas-powered and anelectric-powered forklift truck for moving materials in itsfactory. Since both forklifts perform the same function, the firmwill choose only one. (They are mutually exclusive investments.)The electric-powered truck will cost more, but it will be lessexpensive to operate; it will cost $22,000, whereas the gas-poweredtruck will cost $17,500. The cost of capital that applies to bothinvestments is 12%. The life for both types of truck is estimatedto be 6 years, during which time the net cash flows for theelectric-powered truck will be $6,290 per year and those for thegas-powered truck will be $5,000 per year. Annual net cash flowsinclude depreciation expenses.Calculate the NPV for each type of truck. Round your answers tothe nearest dollar.Electric-powered truck$Â Â Gas-powered truck$Â Â Calculate the IRR for each type of truck. Round your answers totwo decimal places.Electric-powered truck%Gas-powered truck%Which type of the truck should the firm purchase?-Select-Electric-powered or Gas-powered