Check my work Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $306,000 and would yield the following annual cash flows. (PV of $1. FV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) C3 Year 1 Year 2 Year 3 ci $ 38,000 134,000 194,000 $366,000 C2 $122,000 122,000 122,000 $366,000 $ 206,000 86,000 74,000 $366,000 Totals 1. Assume that the company requires a 9% return from its investments. Using net present value, determine which projects, if any, should be acquired. 2. Using the answer from part 1, is the internal rate of return higher or lower than 9% for Project C2? Complete this question by entering your answers in the Required 1 Required 2 Assume that the company requires a 9% return from its investn any, should be acquired. (Negative net present values should be Prey 2 of 2 Next Check my work Required 1 Required 2 Assume that the company requires a 9% return from its investn any, should be acquired. (Negative net present values should be to 4 decimals. Round your answers to the nearest whole dollar.) Project C1 Initial Investment Chart Values are Based on: % Year Cash Inflow PV Factor 11 Present Value 1 TE GS No Project C2 Initial Investment VA