Assume that you are given the following information for a $6-$year lease $($with payments due on January $1$

of each year$)$:

$($Click the icon to view the information.$)$

Future Value of $$1$ table Future Value of an Ordinary Annuity table

Future Value of an Annuity Due table

Present Value of $$1$ table Present Value of an Ordinary Annuity table

Present Value of an Annuity Due table

What is the implicit rate in the lease?

$($Use the present value and future value tables, the formula method, a financial calculator, or a

spreadsheet for your calculation. If using present and future value tables or the formula method, use

factor amounts rounded to five decimal places, X$.$XXXXX$.$ Round your answer to the nearest hundredth

More info

The lease payments are $$40,000$ per year.

The fair value of the underlying asset is $$388,205.$

The deferred initial indirect costs of the lessor are equal to $$28,000.$

The lessor's estimated residual value in the underlying asset is $$370,000.$