Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $330,000 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 C2 C3 Year 1 $ 46,000 142,000 202,000 $130,000 130,000 130,000 $390,000 $214,000 94,000 82,000 Year 2 Year 3 $390,000 Totals $390,000 (1) Assume that the company requires a 8% 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: j =i PV Present YearCash Inflow x Value Factor 2 Project C2 Initial Investment PV Present YearCash Inflow x Factor Value 1 2 3 = Project C3 Initial Investment PV Factor Present YearCash Inflow x Value 1 2