22 Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $336,000 and would yield the following annual cash flows. (PV of $1. FV of $1, PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Year 1 Year 2 Year 3 Totals Ci 5 48,000 144,000 204,000 $396,000 C2 $132,000 132,000 96,000 132,000 84,000 $396,000 $396,000 C3 $216,000 (1) Assume that the company requires a 8% return from its investments. Using net present value, determine which projects, if any, should be acquired. (Negative net present values should be indicated with a minus sign. Round your answers to the nearest whole dollar.) Project C1 Initial Investment Chart Values are Based on: i= Year Cash Inflow X PV Factor 1 2 3 11 = = Project C2 Initial Investment Year Cash Inflow X PV Factor 1 2 3 Present Value = = Present Value initial investment Year Cash Inflow X PV Factor 1 2 3 H = Project C3 = = Initial Investment Year Cash Inflow X PV Factor 1 23 Saved Present Value = = = Present Value