Swimmers?

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I am helping my best friend train for an Iron Girl triathlon in September. She had never swam competitively, so we've been doing intensive pool workouts every morning (the swim part of the race is 400m). I needed to build her endurance, so we have been primarily working on distance, but now we've built up to well over a high enough distance and I need to focus on speed. The rub is that I'd like the short sprint workouts to be a good workout for me as well, and I am a much more experienced swimmer than she. In the next couple weeks, I'd like to start timing 400m mini-races for both of us.

Does anyone have any good pool workouts suitable for building speed and strength for swimmers of all levels? And can anyone recommend an affordable waterproof watch for timing? (My lap pool doesn't have a clock). Thanks in advance!!