Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $222,000 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 $ 10,000 106,000 166,000 $282,000 C2 $ 94,000 94,000 94,000 $282,000 03 $178,000 58,000 46,000 $282,000 1. Assume that the company requires a 12% 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 12% for Project C2? Required 1 Required 2 Assume that the company requires a 12% 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 present value factor to 4 decimals. Round your answers to the nearest whole dollar.) Project C1 Initial Investment Chart Values are based on: 1 = 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 2 3 Present value of cash inflows Present value of cash outflows Net present value