Basically the circuit to the lamp opens and closes in a specific amount of times per minute. In some models this can be varied with a control circuit that allows the operator to set how many times the lamp is to flash per minute.
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The voltage isn't decided by the lamp, but by the supply the lamp is hooked up to.
The formula for current is Amps = Watts/Volts. The lamp itself would draw 4.16 amps. Since the voltage of the lamp is 12 volts there is a internal transformer involved in the fixture itself. It doesn't matter what the input (primary) voltage to the transformer is, so long as it meets the manufacturer's specification as to the proper voltage to operate the fixture.
This type of conversion could be troublesome. To change to 120 volt system means that the feed wire has to be rated for underground use and rated at 300 volts. Where as the existing low voltage wiring does not have to be subjected to these rules due to using low voltage. The lamp socket in the post is next. It has to be rated at 120 volts and the existing low voltage socket can not be used.
Operating at half the required voltage, the lamp will not operate at full capacity if it comes on at all.
Ohm's Law: Resistance is voltage divided by current 110 volts divided by 0.4 amperes is 275 ohms.