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9) Farmer John grows tomatoes on his 160 acre field applying 700 acre-feet of water using furrow irrigation. This irrigation method is 45% efficient amount consumed by tomatoes) and Farmer John would like to up-grade his irrigation to reduce his costs and increase his tomato yield. As his engineer, you tell him he can improve his efficiency by 40% and his crop yield by 20% (as well as tomato water consumption by 20%) using a sprinkler system. The sprinkler system installed will cost $864,000, irrigation system net maintenance is $5000 per year and pumping the water for the sprinkler will cost $10.50 per acre-foot pumped. If the current irrigation method yields 150 bushels per acre and the price per bushel is $35, what is most nearly Farmer John's prospective Rate of Return on this investment? The water cost is $25 per acre-foot. Assume the service life of the sprinkler system is 15 years. a. 8% b. 11% c. 15% d. 18% 9) Farmer John grows tomatoes on his 160 acre field applying 700 acre-feet of water using furrow irrigation. This irrigation method is 45% efficient amount consumed by tomatoes) and Farmer John would like to up-grade his irrigation to reduce his costs and increase his tomato yield. As his engineer, you tell him he can improve his efficiency by 40% and his crop yield by 20% (as well as tomato water consumption by 20%) using a sprinkler system. The sprinkler system installed will cost $864,000, irrigation system net maintenance is $5000 per year and pumping the water for the sprinkler will cost $10.50 per acre-foot pumped. If the current irrigation method yields 150 bushels per acre and the price per bushel is $35, what is most nearly Farmer John's prospective Rate of Return on this investment? The water cost is $25 per acre-foot. Assume the service life of the sprinkler system is 15 years. a. 8% b. 11% c. 15% d. 18%