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 $2,300,000 $ 180,000 8 years $ 190,000 8% 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 8 percent. 3. Calculate the net present value using a 11 percent discount rate. 4. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 11 percent