An analyst has the following projected free cash flows for an investment: Year $1$: $$125,050$; Year $2$: $$137,650$; Year $3$ to $15$ : $$130,000$ a year; Year $16$ to $20$:$$200,000$ a year. The investment is expected to have a terminal value of $$500,000$ at the end of Year $20.$ If the analyst has estimated a present value of $$1$ million for the investment, what is the discount rate that she$/$he has used in calculations.