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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 unrellable, 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 $3,051 and save the school $540 annually for 10 years. The school's hurdle rate is 10 percent.
Use AppendlX A for your reference. (Use approprlate factor(s) from the tables provided.)
Required:
Compute the Internal rate of return on the new well. Should the governing board approve the new well?
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