Phoenix Company is considering investments in projects C1 and C2. Both require an initial investment of $336,000 and would yield the following annual net cash flows. (PV of $1. EV of $1. PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Net cash flows Year 1 Year 2 Year 3 Totals Project CL $ 48,000 144,000 204,000 Project C2 $132,000 132,000 132,000 $ 396,000 $ 396,000 a. The company requires a 8% return from its investments. Compute net present values using factors from Table B1 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 8% for () Project C1 and (i) 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 8 The company requires a 8% 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) Totals Project C1 Year 1 Year 2 Net Cash Flows X Present Value: of 1 at 8% Present Value of Net Cash Flows = Year 3. Project C2 Present Value Net Cash Flows of 1 at 8% Present Value of Net Cash Flows