Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $324,000 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. Negative amounts should be indicated by a minus sign.)

	C1				C2				C3
Year 1		$	44,000			$	128,000			$	212,000
Year 2			140,000				128,000				92,000
Year 3			200,000				128,000				80,000
Totals		$	384,000			$	384,000			$	384,000

(1)	Assuming that the company requires a 8% return from its investments, use net present value to determine which projects, if any, should be acquired.