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 FMA of $1) (Use appropriate factor(s) from the tables provided.) Net cash flows Year 1 Year 2 Year 3 Totals Project C1 $ 26,000 Project C2 $ 110,000 110,000 110,000 122,000 182,000 $ 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.