Background: Two investment opportunities, M and N, have the following initial investments and cash flows over five years. Calculate the NPVs using a discount rate of 14%.

Cash Flows:

Year	Project M	Project N
0	-$6,000	-$8,000
1	$1,000	$1,500
2	$2,000	$2,500
3	$3,000	$3,500
4	$4,000	$4,500
5	$5,000	$5,500

Requirements:

1. Calculate the NPV for each project using a discount rate of 14%.
2. State your accept/reject decision for each project.
3. If the projects were independent, what would be your accept/reject decision?