Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $252,000 and would yield the following annual cash flows. (PV of $1,FV of $1,PVA of $1, andFVA of $1)(Use appropriate factor(s) from the tables provided.)

C1C2C3Year 1$20,000$104,000$188,000Year 2116,000104,00068,000Year 3176,000104,00056,000Totals$312,000$312,000$312,000

(1)Assume that the company requires a 10% 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.)

Present value of cash inflows Present value of cash outflows Net present value Project C3 Initial Investment 312 090 By Cash Inflow * PV Facto Present Value Present value of cash inflows Present value of cash outflows Net present value