Consider an investment project for which the cash flow pattern repeats itself every four years indefinitely, as shown in the accompanying figure. At an interest rate of 12% compounded annually, compute the capitalized-equivalent amount for this project.

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$500 $500 $500 $400 $400 $400 $300 $300 $300 $200 $200 $200 0 1 2 3 4 5 6 7 8 9 10 11 12 Years