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 $$2,975$

and save the school $$560$ 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.$)$