Burroughs Engineering has hired you, an expert in finance, to help them determine whether a proposed transaction made economic sense. They had just sold a parcel of land for $51,000 and had the option of receiving $51,000 cash or $17,000 per year for four years, starting one year from now. Since they don't need the cash right now, but would like to earn at least 12% before income taxes on idle cash resources, the client asks you what interest rate is implied by the terms of the installment option.