Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $306,000 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.) Year 1 Year 2 Year 3 Totals C1 $ 38,000 134,000 194,000 $366,000 $122,000 122,000 122,000 $366,000 C3 $206,000 86,000 74,000 $366,000 (1) Assume that the company requires a 9% return from its investments. Using net present value, determine which projects, if any, should be acquired. (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: = Year Cash X PV Factor - Inflow Present P ue, une which pn SIVUI De acquired. (Negative net present values should be indicated with a minus sign. Round your answers to t dollar.) Project C1 Initial Investment Chart Values are Based on: Year Inflow x PV Factor = Present Value Present value of cash inflows Present value of cash outflows Net present value Year Year Cash Inflow x PV Factor - Present Value Project C2 Initial Investment Year Cash Inflow x PV Factor = Present Value Project C3 Initial Investment Year Cash Inflow x PV Factor = Present Value