Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $294,000 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 C1 $ 34,000 130,000 190,000 $354,000 C2 $118,000 118,000 118,000 $354,000 C3 $202,000 82,000 70,000 $354,000 Totals (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 Inflow PV Factor Present Value 1 2 3 Year Cash Inflow X PV Factor II Present Value 1 11 2. TI 3 = Project C2 Initial Investment Year II Cash Inflow PV Factor Present Value 1 II 2 = 3 Project C3 Project C3 Initial Investment Year Cash Inflow X PV Factor = Present Value 1 N 3 =