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Jack and Jill's Place is a nonprofit nursery school run by the parents of the...

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Accounting

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.)
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