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On September 30, 2024, Truckee Garbage leased equipment from a supplier and agreed to pay $133,000 annually for 15 years beginning September 30, 2025. Generally

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On September 30, 2024, Truckee Garbage leased equipment from a supplier and agreed to pay $133,000 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 $1,478,746 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 ) Table 1 Future value of $1 TABLE 2 Present value of $1 Table 3 Future Value of an Ordinary Annuity of $1 Table 4 Present Value of an Ordinary Annuity of $1 Table 5 Future Value of an Annuity Due of $1

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