As a financial advisor, you offer your clients the possibility to invest in an asset that generates a utility stream of 1 utile this year (t 5 0), 0 utiles next year (t 5 1), and 1 utile the year after that (t 5 2). For each of the following clients, determine their ∂.

(a) Client P is indifferent between the investment and 2 utiles next year.

(b) Client Q is indifferent between the investment and 1 utile this year.

(c) Client R is indifferent between the investment and 1.25 utiles this year.