Q: At the beginning of the year, a man deposited $100,000 with a bank that pays 10% interest per annum at the end of each year. After the interest is credited, he immediately withdraws $12,000. Likewise, he will again withdraw $12,000 at the end of each subsequent year, immediately after the bank's interest has been credited.
After his nth withdrawal, he noticed, for the first time, that his bank account balance falls below $20,00. Find n.
Please help! Thank you!!