Phoenix Company is considering investments in projects Cl and C2. Both require an initial investment of $228,000 and would yield the following annual net cash flows. Exercise 26-18 Net present value, unequal cash flows, and internal rate of retum P3 P4 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 (i) Project Cl and (ii) Project C2? Hint: It is not necessary to compute IRR to answer this