1. Extend the two-period intertemporal consumption model by assuming that the consumer has an initial stock of wealth, How does a nonzero initial stock of wealth alter the ratio of optimal consumption in the two periods? 2. Find the exact representation of the price of a bond that offers a continuous stream of payments when (a) the stream of payments of $1,000 per year lasts one year and the interest rate is 5%. (b) the stream of payments of $1,000 per year lasts for two years and the interest rate is 10%. (c) the stream of payments of $2,000 per year lasts for two years and the interest rate

1. Extend the two-period intertemporal consumption model by assuming that the consumer has an initial stock of wealth, How does a nonzero initial stock of wealth alter the ratio of optimal consumption in the two periods? 2. Find the exact representation of the price of a bond that offers a continuous stream of payments when (a) the stream of payments of $1,000 per year lasts one year and the interest rate is 5%. (b) the stream of payments of $1,000 per year lasts for two years and the interest rate is 10%. (c) the stream of payments of $2,000 per year lasts for two years and the interest rate is 10%. (d) the stream of payments is $1,000 over the first year and $2,000 over the second year and the interest rate is 10%.

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