Phoenix Company is considering investments in projects C1 and C2. Both require an initial investment of $228,000 and would yield the following annual net cash flows. (PV of $1, EV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Net cash flows Year 1 Project C1 $ 12,000 108,000 168,000 Project C2 $ 96,000 96,000 96,000 Year 2 Year 3 Totals $ 288,000 $ 288,000 a. The company requires a 12% 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 12% for (1) 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. Required A Required B The company requires a 12% 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.) Present Value of Project C1 Year 1 Year 21 Net Cash Flows x 1 at 12% Present Value of Net Cash Flows Year 3 Totals $ 0 Project C2 Year 1 Net Cash Flows x Present Value of 1 at 12% Present Value of Net Cash Flows