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.) ci Year 1 Year 2 Year 3 Totals $ 10,000 106,000 166,000 $282,000 C2 $ 94,000 94,000 94,000 $282,000 C3 $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. (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: Present Year Cash Inflow x PV Factor = Value Project C2 Initial Investment Cash Year Present x PV Factor = Inflow Value Project C3 Initial Investment Year Cash Inflow x PV Factor = Present Value WN