Tessa is an analyst for Wellington Investment Management Services Inc. (WIMSI). She is evaluating capital budgeting proposals for WIMSI's client, Carpe Diem Holdings. The first step is to classify the capital investment proposals. To assist Tessa, read the description of the projects in the box below and indicate whether they should be classified as mutually exclusive, contingent, or independent projects. Carpe Diem Holdings will either acquire the patent and manufacturing information for an essential component currently made by a small supplier or significantly expand its own research and development and manufacturing departments to quickly develop and make a similar component. "These projects should be classified as: Independent projects Mutually exclusive projects Contingent projects While taking a break, Tessa confides to you that she sometimes gets confused about the differences between mutually exclusive, independent, and contingent projects. Help Tessa understand these differences by reviewing the choices below and selecting the response that best explains the differences between an independent and a contingent project. A contingent project is one made necessary by a need to reduce costs, whereas an independent project is made necessary by the need to meet legal, health, and safety standards. An independent project is one whose acceptance precludes the acceptance of one or more other projects, whereas a contingent project is one whose acceptance (or rejection) has no effect on the acceptance or rejection of the other projects. A contingent project is one whose acceptance (or rejection) has no effect on the acceptance or rejection of the firm's other projects, whereas an independent project is one whose acceptance is dependent on the adoption of one or more other projects. An independent project is one whose acceptance (or rejection) has no effect on the acceptance or rejection of the firm's other projects, whereas a contingent project is one whose acceptance is dependent on the adoption of one or more other projects