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Toronto North Minerals could purchase a drilling equipment outright from a dealer for $70,000. The...

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Toronto North Minerals could purchase a drilling equipment outright from a dealer for $70,000. The same equipment is also advertised for lease by the dealer at $6,142 per quarter, payable at the beginning of each quarter for 3 years. The residual value of the equipment is $15,450 after the lease. That is, Toronto North could purchase the equipment for $15,450 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: Select an answer 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= 1/Y = PV = $ PMT = $ = FV = $

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