Required information [The following information applies to the questions displayed below] Cardinal Company is considering a five-year project that would require a $2,945,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows: Sales $2,873,999 Variable expenses 1J919,999 Contribution margin 1,854,999 Fixed expenses: Advertising) salaries, and other outof pocket costs $754,999 Depreciation 589J999 Total fixed expenses 1,343,999 Net operating income $ 511,999 (Hint. Use Microsoft Excel to calculate the discount factor(s).) \\. 1 10. If the equipment had a salvage value of $300,000 at the end of five years, would you expect the project's net present value to be higher, lower, or the same? 0 Higher 0 Lower 0 Same