Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $294,000 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.) C2 $ 34,000 $118,000 $202,000 C1 C3 Year 1 Year 2 Year 3 Totals 130,000 118,000 190,000 118,000 82,000 70,000 $354,000 $354,000 354,000 (1) Assuming that the company requires a 9% 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 294,000 Chart Values are Based on: 990 Cash Inflow PV Factor Present Value Year 34,000 x 130,000 x 190,000 x 2 Present value of cash inflows Present value of cash outflows Net present value Project C2 294,000 PV Factor Initial Investment Cash Inflow Present Value Year 118,000 Ox 118,000 118,000 Ox 2 Present value of cash inflows Present value of cash outflows Net present value Project C3 Initial Investment Cash Inflow 294,000 PV Factor Present Value Year 202,000 x 82,000x 70,000X 2 3 Present value of cash inflows Present value of cash outflows Net present value