Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $252,000 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. Negative amounts should be indicated by a minus sign.)

	C1				C2				C3
Year 1		$	20,000			$	104,000			$	188,000
Year 2			116,000				104,000				68,000
Year 3			176,000				104,000				56,000
Totals		$	312,000			$	312,000			$	312,000

(1)

Assuming that the company requires a 10% return from its investments, use net present value to determine which projects, if any, should be acquired. (Round your answers to the nearest whole dollar.)

Project C1
Initial Investment
Chart Values are Based on:
i =
Year	Cash Inflow	x	PV Factor	=	Present Value
1				=
2				=
3				=
Project C2
Initial Investment
Year	Cash Inflow	x	PV Factor	=	Present Value
1				=
2				=
3				=
Project C3
Initial Investment
Year	Cash Inflow	x	PV Factor	=	Present Value
1				=
2				=
3				=