On September 30,2024 , Truckee Garbage leased equipment from a supplier and agreed to pay $125,000 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 $1,214,031 lease liability. Required: Determine the interest rate implicit in the lease agreement. Note: Use tables, Excel, or o financial calculator. (EV of S1. PV of \$1. FVA of S1. PVA of S1. EVAD of \$1 and PVAD of S1)