Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $312,000 and would yield the following annual cash flows. (PV of $1, EV of $1, PWA 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 40,000 124,000 $208,000 Year 2 88,000 136.000 124.000 Year 3 196.000 124,000 76,000 Totals $372,000 $372,000 $372,000 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 Project C1 Initial Investment 312,000 Chart Values are Based on: 90% Year Cash Inflow x PV Factor Present Value x 0.9174 36,696 40,000 136,000 x Present value of cash inflows Present value of cash outflows Net present value Project C2 Initial Investment 312,000 Year Cash Inflow x PV Factor Present Value