Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $330,000 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.)

	C1				C2				C3
Year 1		$	46,000			$	130,000			$	214,000
Year 2			142,000				130,000				94,000
Year 3			202,000				130,000				82,000
Totals		$	390,000			$	390,000			$	390,000

(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: YearCash Inflow x PV Factor Present Value 2 Project C2 Initial Investment Year Cash Inflow x PV Factor Present Value Project C3 Initial Investment Year Cash Inflow x PV Factor Present Value