What happens when you invest $£1\; 000 \;000$ at $4 \%$? [You could use this spreadsheet to investigate.]
• Extend the spreadsheet further and, by changing the yearly expenditure, experiment with trying to make the balance each year settle at around £980,000 or giving the £1,000,000 a lifetime of $20$ years.
• What annual expenditure would leave no (or a very small) balance left at the end of $50$ years? What is the total income/expinditure at the end of $50$ years in this case?