Merrill Corp. has the following information available about a potential capital investment: Initial investment $ 1,900,000 Annual net income $ 190,000 Expected life 8 years Salvage value $ 230,000 Merrills cost of capital 10 % Assume straight line depreciation method is used. Required: 1. Calculate the projects 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. Round the final answer to nearest whole dollar.) 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 14 percent discount rate. (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. Round the final answer to nearest whole dollar.) 4. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 14 percent. More than 14 percent Less than 14 percent Equal to 14 percent