Exercise 24-7 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$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 12,000 96,000 $180,000 Year 1 Year 2 108,000 96,000 60,000 Year 3 96,000 48,000 168,000 $288,000 $288,000 $288,000 Totals