Required information [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,860,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows: (Hint Use Microsoft Excel to calculate the discount factor(s).) 8. If the company's discount rate was 16% instead of 14%, would you expect the project's net present value to be higher, lower, or the same? Higher Lower Same