Jagat Limited (JL) acquired a machinery from Simran Enterprises (SE) for a lease term of eight years
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Jagat Limited (JL) acquired a machinery from Simran Enterprises (SE) for a lease term of eight years that covers almost complete economic life of the asset. The lease commences on April 1, 2009 and will expire on March 31, 2017. The fair value of the machine at the commencement of the lease term is ₹4,42,800 and JL is required to pay to SE an annual lease rent of ₹80,000. Calculate implicit interest rate.
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