Exercise 11-14 Computation and interpretation of net present value and internal rate of return LO P3, P4 Phoenix Company can invest in each of three cheese-making projects C1, C2, and C3. Each project requires an initial investment of $264,000 and would yield the following annual cash flows. PV of $1, FV of St, PVA of $1, and FVA of $1 (Use appropriate factor(s) from the tables provided.) Ci C2 Year 1 24,000 $108,000 $192,000 Year 2 120,000 108,000 72,000 Year 3 180,000108,000 Totals $324,000 $324,000 $324,000 60,000 (1) Assume that the company requires a 10% 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.) Initial Investment are Initial Investment YearCash Inflow x Initial Investment YearCash Inflow x