A soda bottle is filled partway with water. A tack is poked into the side to create a hole. The cap is removed from the bottle.

This time, the bottle has two tack holes, one above the other, as shown in the figure below. The bottle is filled with water, the cap is tightened, and the bottom tack is removed. Water comes out of the bottom hole but quickly stops while there is still a large quantity of water above both tack holes. What will happen when the top tack is removed? Will water exit either hole? Explain your reasoning.