So I have this maths question which I am struggling to solve as it seems to be a backwards compound interest or possibly an annuity question. I was wondering whether anyone might be able to provide a hint as to how I can do this question as from what I can tell you have to calculate the total amount of money you would have used at the end of 18 years after investing the money yet taking out payments every time. I am just unsure how to go about doing this and any help would be greatly appreciated.
You invest your superannuation of $100 000 into a bank account in which you get 3% p.a. for 18 years. You decide that you want to get monthly payments of this money over the 18 years. How will you have received by the end of 18 years?