Merrill Corp. has the following Information available about a potential capital Investment Initial investment $800,000 Annual net income $ 80,000 Expected life 8 years Salvage value $ 90,000 Merrill's cost of capital 79 Assume straight line depreciation method is used. Required: 1. Calculate the project's net present value. 2. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 7 percent. 3. Calculate the net present value using a 14 percent discount rate. 4. Without making any calculations, determine whether the internal rate of return (IRR) Is more or less than 14 percent. Complete this question by entering your answers in the tabs below