On March 31, 2018, Southwest Gas leased equipment from a supplier and agreed to pay $330,000 annually for 18 years beginning March 31, 2019. 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, Southwest recorded a $2,889,356 lease liability. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: Determine the interest rate implicit in the lease agreement. 2,889,356 18 Present value of lease: $ 330,000