100 is deposited into an account at the end of each 3-year period for 36 years. The accumulated value at the end of 36 years is 4 times the accumulated amount in the account at the end of 12 years. Find the effective annual rate and the accumulated amount at the end of 36 years.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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100 is deposited into an account at the end
of each 3-year period for 36 years. The
accumulated value at the end of 36 years is
4 times the accumulated amount in the
account at the end of 12 years. Find the
effective annual rate and the accumulated
amount at the end of 36 years.
Transcribed Image Text:100 is deposited into an account at the end of each 3-year period for 36 years. The accumulated value at the end of 36 years is 4 times the accumulated amount in the account at the end of 12 years. Find the effective annual rate and the accumulated amount at the end of 36 years.
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