At the beginning of 2020, Ye Old Donut Co. acquired a machine with a fair value of $7,091,901 by issuing a four-year, noninterest-bearing note in the face amount of $8 million. The note is payable in four annual installments of $2 million at the end of each year. What is the effective rate of interest implicit in the agreement? Group of answer choices

10.0%. 

7.0%. 

5.0%. 

30.0%.