At the beginning of 2011, VHF Industries acquired a machine with a fair value of $6,074,700 by signing a four-year lease. The lease is payable in four annual payments of $2 million at the end of each year. (Use Table 4) (1) What is the effective rate of interest implicit in the agreement? (Round "PV Factor" to 5 decimal places. Omit the "%" sign in your response.)