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.

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)	Assuming that the company requires a 12% return from its investments, use net present value to determine which projects, if any, should be acquired. (Round your answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)