Required information [The following information applies to the questions displayed below] Cardinal Company is considering a five-year project that would require a $2,812,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses : Advertising, salaries, and other fixed out-of-pocket $2,855,000 1,010,000 1,845,000 costs $798,000 562,400 Depreciation Total fixed expenses 1,360,400 $ 484,600 Net operating income Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table 9. If the company's discount rate was 18% instead of 16% , would you expect the project's net present value to be higher, lower, or the same? O Higher O Lower O Same 10. If the equipment had a salvage value of $300,000 at the end of five years, would you expect the project's payback period to be higher, lower, or the same? O Higher O Lower O Same 11. 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? O Higher O Lower O Same 12. If the equipment had a salvage value of $300,000 at the end of five years, would you expect the project's simple rate of return to be higher, lower, or the same? OHigher OLower O Same