On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $16,000 annually for four years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021 of: 2 On September 30, 2021, Truckee Garbage leased equipment from a supplier and agreed to pay $140,000 annually for 15 years beginning September 30, 2022. Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments. Accordingly, at inception of the lease, Truckee recorded a $1,198,327 lease liability. Required: Determine the interest rate implicit in the lease agreement. (Round your answer to 1 decimal place.) Interest rate implicit %