Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $234,000 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 C1 $ 14,000 110,000 170,000 $294,000 C2 $ 98,000 98,000 98,000 $294,000 C3 $182,000 62,000 50,000 $294,000 1. Assume that the company requires a 10% return from its investments. Using net present value, determine which projects, if any, should be acquired. 2. Using the answer from part 1, is the internal rate of return higher or lower than 10% for Project C2? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that the company requires a 10% 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 present value factor to 4 decimals. Round your answers to the nearest whole dollar.) Project C1 Initial Investment Chart Values are Based on: % Year Cash Inflow PV Factor Present Value 1 2 3 = 0 Project C2 Initial Investment Year Cash Inflow PV Factor Present Value TI 1 2 3 0 Project C3 Initial Investment Year Cash Inflow PV Factor Il Present Value 1 2 3 0 Required 1 Required 2 > Required 1 Required 2 Using the answer from part 1, is the internal rate of return higher or lower than 10% for Project C2? Is the internal rate of return higher or lower than 10% for Project C2?