Sorry.. i meant
I don't know how to get from this:
1,200,000 (1.005)^n = 8000 [1 (1.005)^n - 1 / 1.005 - 1]
to (1.005)^n = 4
The question is:
Maree is retiring nextweek and her Superannuation Fund contains $1,200,000. The fund is earning 6% p.a compound interest, compounding monthly. Maree wishes to withdraw a regular of $8000 per month to live on in her retirement.
By finding a similar expression for the amound remaining after n months, find how many years the money will last.