Exercise 11-14 Computing and interpreting net present value and internal rate of return LO P3, P4 Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $300,000 and would yield the following annual cash flows. (PV of $1. EV of $1. PVA of $1, and FVA of $1] (Use appropriate factor(s) from the tables provided.) Year 1 Year 2 Year 3 Totals ci 5 36,000 132,000 192,000 $360,000 c2 $120,000 120,000 120,000 $360,000 c) $204,000 14,000 72,000 5360,000 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 1 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.) Project C1 Initial Investment Chart Values are Based on: i = % Year Cash Inflow PV Factor = Present Value 1 1 II 2 11 3 3 = 0 Project C2 Initial Investment Year Cash Inflow PV Factor Il Present Value 11 1 2 2 = 3 11 Project C2 Initial Investment Year Cash Inflow PV Factor Present Value 1 11 2 11 3 = 0 Project C3 Initial Investment Year Cash Inflow PV Factor = Present Value 11 1 2 3 2 3 11 III 0