es Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $312,000 and would yield the following annual cash flows. (PV of $1. EV of $1. PVA of $1. and EVA of S1) (Use appropriate factor(s) from the tables provided.) CL C2 C3 Year 1 Year 2 Year 3 Totals $ 40,000 136,000 196,000 $372,000 $372,000 $124,000 124,000 124,000 $200,000 88,000 76,000 $372,000 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 tabs below. Required 11 Required 2 Assume that the company requires a 9% 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 present value factor to 4 decimals. Round your answers to the nearest whole dollar.) Initial Investment Project C1 Chart Values are Based on: % Year Cash Inflow x PV Factor Present Value 1 2 3