On September $30,2024,$ Truckee Garbage leased equipment from a supplier and agreed to pay $$140,000$ annually for $15$ years beginning September $30,2025.$ Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments. Accordingly, at inception of the lease, Truckee recorded a $$1,405,261$ lease liability.

Required:

Determine the interest rate implicit in the lease agreement.

Note: Use tables, Excel, or a financial calculator. Round your answer to $1$ decimal place. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Interest rate implicit

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