All programs are different with regards to how they prioritize multiple test scores. Generally, the most recent set of scores take precedence. Sometimes, an average is calculated. I think it's likely that your new-format GRE score will take precedence over your old-format score.
Here's what I know about the new-format GRE (per my friend who is an outstanding GRE tutor.) ETS aims for 500 to be the average test score for both the Verbal and Quant section. However, in recent years, those averages have become skewed, with Quant scores averaging closer to 600, and Verbal scores closer to 400. Therefore, the test has been recalibrated to balance performances. I'm not sure how the new composite scoring works.
Test takers can expect that the verbal section will become significantly easier, and the quantitative significantly more difficult. (The introduction of an on-screen calculator is very bad sign for those of us bad at math....meaning the math is about to get much more complex.)
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