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As of the date of Victory Machine Shop's most recent financial statements, three years remained...

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Finance

As of the date of Victory Machine Shop's most recent financial statements, three years remained in the term of a capital lease reported
as a long-term liability of $13,824.
If the beginning-of-month lease payments are $450, what monthly compounded annual discount rate was used in valuing the lease?
(Do not round intermediate calculations and round your final answer to 2 decimal places.)
The annual rate is
% compounded monthly
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