Pina Corp. was experiencing cash flow problems and was unable to pay its $$92,400$ account payable to Novak Corp. when it fell due on September $30,2023.$ Novak agreed to substitute a one$-$year note for the open account. The following two options were presented to Pina by Novak:

Option $1$: A one$-$year note for $$92,400$ due September $30,2024.$ Interest at a rate of $9\%$ would be payable at maturity.

Option $2$: A one$-$year non$-$interest$-$bearing note for $$100,716.$ The implied rate of interest is $9\%.$

Assume that Novak has a December $31$ year end.