At the beginning of 2024, VHF Industries acquired a machine with a fair value of $6,808,125 by signing a three-year lease. The lease is payable in three annual payments of $2.5 million at the end of each year. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. What is the effective rate of interest implicit in the agreement?