Merrill Corp has the following information available about a potential capital investment Initial investment Annual net income Expected life Salvage value Herrill's cost of capital $2,500,000 $ 160,000 8 years $ 170,000 7% 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 9 percent discount rate. 4. Without making any calculations, determine whether the internal rate of return (RR) is more or less than 9 percent. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 and 4 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 factor(s) from the tables provided. Do not round intermediate calculations.