Merrill Corp. has the following information available about a potential capital investment: $2,200,000 $ 190,000 Initial investment Annual net income Expected life Salvage value Merrill's cost of capital 8 years $ 200,000 8% Assume straight line depreciation method is used Required 1. Calculate the project's net present value. (Future Value of $1, Present Value of $1 intermediate calculations. Round the final answer to nearest whole dollar.) Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Do not round 2. Without making any caiculations, determine whether the internal rate of return (IRR) is more or less than 8 percent. Greater than 8 Percent Less than 8 Percent 3. Calculate the net present value using a 12 percent discount rate. (Future Value of $1, Present Value of $1, provided. Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Present Value Annuity of $1.) (Use appropriate factor(s) from the tables t Present Value 4. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 12 percent More than 12 percent Less than 12 percent Equal to 12 percent