Falls Financial Corp. 2017 annual report discloses the following lease payments:

Fiscal year	Capital Leases		Operating Leases
2018	$ 13,200		$2,328,000
2019	10,800		667,200
2020	8,400		488,400
2021	0		94,800
2022	0		37,200
Net minimum lease payments	32,400		$3,615,600
Less amount representing interest	5,800
Present value of lease obligations	$26,600

What is the approximate implicit rate of return on the capital leases?

Select one:

A. 12.6%

B. 9.1%

C. 11.5%

D. 8.8%

E. 10.2%