Jack and Jill's 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 Appendix A for your reference. $($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Compute the new well's net present value. Should the governing board approve the new well? $($Round your final answer to the

nearest dollar amount.$)$