Sydney East Minerals could purchase a mining equipment outright from a dealer for $69,000. The same equipment is also advertised for lease by the dealer at $1,616 per month, payable at the beginning of each month for 4 years. The residual value of the equipment is $21,850 after the lease. That is, Sydney East could purchase the equipment for $21,850 at the end of the lease if they choose to. What nominal interest rate compounded semi-annually did the dealer factor into the lease? Choose calculator mode: Enter the present value as a positive value in the PV box below. Enter PMT and FV as positive or negative values based on PV being positive. Report I/Y accurate to 3 decimal places. P/Y= C/Y= N= I/Y= PV=$ PMT=$ FV=$