Phoenix Company is considering investments in projects C1 and C2. Both require an initial investment of $276,000 and would yield the following annual net cash flows. (PV of $1, FV of $1, PVA of $1, and FVA of $1)

Note: Use appropriate factor(s) from the tables provided.

Net cash flows	Project C1	Project C2
Year 1	$ 28,000	$ 112,000
Year 2	124,000	112,000
Year 3	184,000	112,000
Totals	$ 336,000	$ 336,000

The company requires a 9% 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.

Using the answer from part a, is the internal rate of return higher or lower than 9% for (i) Project C1 and (ii) Project C2? Hint: It is not necessary to compute IRR to answer this question.

The company requires a 9% 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. Note: 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. Using the answer from part a, is the internal rate of return higher or lower than 9% for (i) Project C1 and (ii) Project C2? Hint: It is not necessary to compute IRR to answer this