Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications, Inc., provides the following footnote relating to its leasing activities in its 10-K report. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2012, are as follows: Years (dollars in millions) Capital Leases Operating Leases 2013 $86 $2,038 2014 67 1,840 2015 57 1,572 2016 54 1,280 2017 44 992 Thereafter 99 4,119 Total minimum rental commitments 407 $11,841 Less interest and executory costs (109) Present value of minimum lease payments 298 Less current installments (64) Long-term obligation at December 31, 2012 $ 234 (a) Using your financial calculator or Excel Spreadsheet, confirm that Verizon capitalized its capital leases using a rate of 9.44%