Phoenix Company is considering investments in projects C1 and C2. Both require an initial investment of $270,000 and would yield the following annual net cash flows. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Net cash flows Year 1 Year 2 Year 3 Totals Project C1 $ 26,000 122,000 182,000 Project C2 $ 110,000 110,000 110,000 $ 330,000 $ 330,000 a. The company requires a 10% return from its investments. Compute net present values using factors from Table B.1 in Appendix B to determine which projects, if any, should be accepted. b. Using the answer from part a, is the internal rate of return higher or lower than 10% for (i) Project C1 and (ii) Project C2? Hint: It is not necessary to compute IRR to answer this question. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B The company requires a 10% return from its investments. Compute net present values using factors from Table B.1 in Appendix B to determine which projects, if any, should be accepted. (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 Net Cash Flows Year 1 Year 2 Year 3 Totals $ 0 Present Value of 1 at 10% Present Value of Net Cash Flows Present Value Project C2 Net Cash Flows x of 1 at 10% Year 1 Year 2 = Year 3 = Totals $ 0 Which projects, if any, should be accepted Present Value of Net Cash Flows