Plessings Company leased a piece of machinery to$$ Banana, Inc. on January$1,2023.$ The lease is correctly classified as a sales$-$type lease. Plessings will receive three annual lease payments of $$20,200,$ with the first one received on January$1,2023.$ There is no guaranteed or unguaranteed residual value. The fair value of the machine is$$ $$50,000$ and Plessings incurs initial direct costs of$$ $$5,000.$ What is the implicit rate assuming the initial direct costs are$$ deferred?

Please show calculations.