tone Co. is considering the acquisition of equipment. To buy the equipment, the cost is $15,192. To lease the equipment 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: 10% 0.909 1.736 2.487 3.170 3.791 Present Value 12% 0.893 1.690 2.402 3.037 3.605 16% 0.862 1.605 2.246 2.798 3.274 No. of Periods The interest rate implicit in this lease is approximately