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 $1,400,000 $ 140,000 8 years $ 150,000 10% 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 Annuit Intermediate calculations. Round the final answer to nearest whole dollar.) Net Present Value 2. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 10 percent. Less than 10 Percent Greater than 10 Percent 3. Calculate the net present value using a 13 percent discount rate. (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Pre provided. Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Net Present Value 4. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 13 percent. More than 13 percent Less than 13 percent Equal to 13 percent