Dean Jones says:

"Perhaps I can adjust my offer a little bit:  How about if you supervise SEVEN independent study projects per academic year?"

Your response:

1.  That is better...I am willing to supervise FIVE per year.  Yes, that is the right number of undergraduate independent study-type projects to supervise.

2.   That is better...I still think that SIX per year is the right number of undergraduate independent study-type projects to supervise.