Background: Projects O and P require initial investments of $9,000 and $11,000, respectively. Their cash flows over six years are as follows. Calculate the NPVs using a discount rate of 9%.

Cash Flows:

Year	Project O	Project P
0	-$9,000	-$11,000
1	$1,500	$2,000
2	$2,500	$3,000
3	$3,500	$4,000
4	$4,500	$5,000
5	$5,500	$6,000
6	$6,500	$7,000

Requirements:

1. Calculate the NPV for each project using a discount rate of 9%.
2. State your accept/reject decision for each project.
3. If the projects were independent, what would be your accept/reject decision?