A company is considering a five-year project that would require a $2,800,000 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: Sales $ 2,845,000 Variable expenses 1,109,000 1,736,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 799,000 560,000 Depreciation Total fixed expenses. 1,359,000 $ 377,000 Net operating income 4. 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? O Higher O Lower O Same X