Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $228,000 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.) c1 Year 1 Year 2 Year 3 Totals 60,000 48,000 $288,000 $288,000 $288,000 12,000 108,000 168,000 C2 96,000 $180,000 96,000 96,000 1. Assume that the company requires a 12% return from its investments. Using net present value, determine which projects, if any should be acquired. (Negative net present values should be indicated with a minus sign. Round your answers to the nearest whole dollar.) Project C1 Initial Investment $ 288,000 hart Values are Based on: 3% Year Cash Inflow x PV Factor Present Value 12,000 x 108,000x 168,000x Present value of cash inflows resent value of cash outflows et present value