Jack and Jilis Place is a nonprofit nursery school run by the parents of the enrolled children. Since the school is out of town, it has a well rather than a city water supply. Lately, the well has become unreliable, and the school has had to bring in bottled drinking water. The school's governing board is considering drilling a new well (at the top of the hill, naturally). The board estimates that a new well would cost $3.025 and save the school $580 annually for 10 years. The school's hurdle rate is 8 percent. Use lor your reference. (Use appropriate factor(s) from the tables provided.) Required: Compute the new well's net present value. Should the goveming board apptove the new well? (Round your final answer to the nearest doller amount.) Table I Future Value of $1.00(1+r)n \begin{tabular}{ccccccccc} Period & 4% & 6% & 8% & 10% & 12% & 14% & 20% \\ \hline 1 & 1.040 & 1.060 & 1.080 & 1.100 & 1.120 & 1.140 & 1.200 \\ \hline 2 & 1.082 & 1.124 & 1.166 & 1.210 & 1.254 & 1.300 & 1.440 \\ \hline 3 & 1.125 & 1.191 & 1.260 & 1.331 & 1.405 & 1.482 & 1.728 \\ \hline 4 & 1.170 & 1.263 & 1.361 & 1.464 & 1.574 & 1.689 & 2.074 \\ \hline 5 & 1.217 & 1.338 & 1.469 & 1.611 & 1.762 & 1.925 & 2.488 \\ \hline 6 & 1.265 & 1.419 & 1.587 & 1.772 & 1.974 & 2.195 & 2.986 \\ \hline 7 & 1.316 & 1.504 & 1.714 & 1.949 & 2.211 & 2.502 & 3.583 \\ \hline 8 & 1.369 & 1.594 & 1.851 & 2.144 & 2.476 & 2.853 & 4.300 \\ \hline 10 & 1.423 & 1.690 & 1.999 & 2.359 & 2.773 & 3.252 & 5.160 \\ \hline \end{tabular} \begin{tabular}{rrrrrrrrr} 11 & 1.540 & 1.898 & 2.332 & 2.853 & 3.479 & 4.226 & 7.430 \\ 12 & 1.601 & 2.012 & 2.518 & 3.139 & 3.896 & 4.818 & 8.916 \\ 13 & 1.665 & 2.133 & 2.720 & 3.452 & 4.364 & 5.492 & 10.699 \\ 14 & 1.732 & 2.261 & 2.937 & 3.798 & 4.887 & 6.261 & 12.839 \\ 15 & 1.801 & 2.397 & 3.172 & 4.177 & 5.474 & 7.138 & 15.407 \\ \hline 20 & 2.191 & 3.207 & 4.661 & 6.728 & 9.646 & 13.743 & 38.338 \\ 30 & 3.243 & 5.744 & 10.063 & 17.450 & 29.960 & 50.950 & 237.380 \\ \hline 40 & 4.501 & 10.286 & 21.725 & 45.260 & 93.051 & 188.880 & 1.469.800 \end{tabular} (1+r)n1 Table III Present Value of $1.00(1+r)n1 \begin{tabular}{llllllllllllllll} 11 & .650 & .527 & .429 & .350 & .287 & .237 & .195 & .162 & .135 & .112 & .094 & .079 & .066 & .056 & .047 \\ 12 & .625 & .497 & .397 & .319 & .257 & .208 & .168 & .137 & .112 & .092 & .076 & .062 & .052 & .043 & .036 \\ 13 & .601 & .469 & .368 & .290 & .229 & .182 & .145 & .116 & .093 & .075 & .061 & .050 & .040 & .033 & .027 \\ 14 & .577 & .442 & .340 & .263 & .205 & .160 & .125 & .099 & .078 & .062 & .049 & .039 & .032 & .025 & .021 \\ 15 & .555 & .417 & .315 & .239 & .183 & .140 & .108 & .084 & .065 & .051 & .040 & .031 & .025 & .020 & .016 \\ \hline 20 & .456 & .312 & .215 & .149 & .104 & .073 & .051 & .037 & .026 & .019 & .014 & .010 & .007 & .005 & .004 \\ \hline 30 & .308 & .174 & .099 & .057 & .033 & .020 & .012 & .007 & .004 & .003 & .002 & .001 & .001 & \end{tabular} r1(1(1+rn)1)