Background: Two projects, C and D, are being considered by a firm. Project C requires an initial investment of $20,000, while Project D requires $25,000. The expected cash flows for both projects over six years are listed below. Calculate the NPVs using a discount rate of 8%.

Cash Flows:

Year	Project C	Project D
0	-$20,000	-$25,000
1	$6,000	$5,000
2	$7,000	$6,000
3	$8,000	$7,000
4	$9,000	$8,000
5	$10,000	$9,000
6	$11,000	$10,000

Requirements:

1. Calculate the NPV for each project using a discount rate of 8%.
2. State your accept/reject decision for each project.
3. If the projects were independent, what would be your accept/reject decision?