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.) Year 1 Year 2 Year 3 Totals ci $ 12,000 108,000 168,000 $288,000 C2 $ 96,000 96,000 96,000 $288,000 C3 $180,000 60,000 48,000 $288,000 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: Year Cash Inflow X PV Factor = Present Value 1 Project C2 Initial Investment Year Cash Inflow X PV Factor = Present Value 3 Project C3 Initial Investment Year Cash Inflow X PV Factor = Present Value 2