Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $276.000 and would yield the following annual cash flows. (PV of $1. FV of $1. PVA of $1. and FVA of $11 (Use appropriate factor(s) from the tables provided.) Year 1 Year 2 Year 2 Totals CH $ 28,00 124,00 184, eee 5336,00 $112,000 112,88 112, Bee $336,000 $196,000 76,000 64.800 $336,800 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? Project C1 Initial Investment Chart Values are Based on: i % Year Cash Inflow PV Factor Present Value 1 2 HH 3 0 Project C2 Initial Investment Year Cash Inflow X PV Factor Present Value 2 3 0 Project C3 Initial Investment Year Cash Inflow X PV Factor 11 Present Value Il N = 11 3