tone Co, is considering the acquisition of equipment To buy the equipment, the cost is $15,192. To lease the equip 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% 0909 1.736 2 487 3.170 16% 0.862 1.605 2.246 2.798 3.274 37913605 The interest rate implicit in this lease is approximately