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 $2,825 and save the school $500 annually for 10 years. The school's hurdle rate is 8 percent. Required: Compute the new well's net present value. Should the governing board approve the new well? - Exercise 16-25 Internal Rate of Return (Section 1) (L016-1) Refer to the data given in the preceding exercise. Required: Compute the internal rate of return on the new well. Should the governing board approve the new well