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Merrill Corp. has the following information available about a potential capital investment: Initial investment $1,100,000 Annual net income $ 110,000 Expected life 8 years Salvage value $ 120,000 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 13 percent discount rate. 4. Without making any calculations, determine whether the internal rate of return (IRR) is more or less than 13 percent