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( Required information Use the following information for the Exercises below. Jack and Jilins Place is a nonprofit nursery school run by the parents of

(
Required information
Use the following information for the Exercises below.
Jack and Jilins 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 schoor'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 $3,238 and save the school $670 annually for 10 years. The schoor's hurdle rate is 8 percent.
Use Angend x A for your reference.
Note: Use appropriate factor(s) from the tables provided.
EX 16-25(Algo) Internal Rate of Return (Section 1)(LO 16-1)
Required:
Compute the internal rate of return on the new well. Should the governing board approve the new well?
\table[[Internal rate of retum,],[Asprove?,]]
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