Falls Financial Corp. 2020 annual report discloses the following lease payments:

	Capital	Operating
Fiscal year	leases	leases
2021	$14,256	$2,514,240
2022	11,664	720,576
2023	9,072	527,472
2024	0	102,384
2025	0	40,176
Net minimum lease payments	$34,992	$3,904,848
Less amount representing interest	5,800
Present value of lease obligations	$29,192

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

Group of answer choices

10.3%

16.6%

10.5%

10.0%

11.4%