Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $318,000 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.)

	C1				C2				C3
Year 1		$	42,000			$	126,000			$	210,000
Year 2			138,000				126,000				90,000
Year 3			198,000				126,000				78,000
Totals		$	378,000			$	378,000			$	378,000

(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. (Round your answers to the nearest whole dollar.)

Project C1 Initial Investment Chart Values are Based on: YearCash Inflow xPV Factor Present Value 2 Project C2 Initial Investment YearCash Inflow x PV Factor Present Value 2