Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $228,000 and would yield the following annual cash flows. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor (s) from the tables provided.) C1 C2 C3 Year 1 $ 12,000 $ 96,000 $ 180,000 Year 2 108,000 96,000 60,000 Year 3 168,000 96,000 48,000 Totals $ 288,000 $ 288,000 $ 288,000 1. Assume that the company requires a 12% return from its investments. Using net present value, determine which projects, if any, should be acquired. (Negative net present values should be indicated with a minus sign. Round your answers to the nearest whole dollar.)
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