Merrill Corp. has the following information available about a potential capital investment: Initial investment Annual net income Expected life Salvage value Merrill's cost of capital $ 900,000 $ 90,000 8 years $ 100,000 7% Assume straight line depreciation method is used. Required 1. Calculate the project's net present value. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate fa final answer to nearest whole dollar.) Net Present Valu 2. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 7 percent. O Less than 7 Percent O Greater than 7 Percent 3. Calculate the net present value using a 14 percent discount rate. (Future Value of $1. Present Value of $1, Future Value Annuity of $1 calculations. Round the final answer to nearest whole dollar.) of $1 Net Present Value