2.3. Assume that the instantaneous utility function u(C) in equation (2.1) is In C. Consider the problem

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2.3. Assume that the instantaneous utility function u(C) in equation (2.1) is In C. Consider the problem of a household maximizing (2.1) subject to (2.5). Find an expression for C at each time as a function of initial wealth plus the present value of labor income, the path of r(t), and the parameters of the utility func- tion.

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