Stone Co. is considering the acquisition of equipment. To buy the equipment, the cost is $15,192. To lease the equipment, Stone must sign a noncancelable lease and make five payments of $4,000 each. The first payment will be paid on the first day of the lease. At the time of the last payment, Stone will receive title to the equipment. The present value of an ordinary annuity of $1 is as follows: Present Value 12% 0.893 1.690 2.402 3.037 3.605 No. of Periods 10% 0.909 1.736 2.487 3.170 3.791 16% 0.862 1.605 2.246 2.798 3.274 4 The interest rate implicit in this lease is approximately