Use (9.15) and (9.17) to establish this argument formally. (9.15) (9.17) D = (1 + g)Dj-1 +

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Use (9.15) and (9.17) to establish this argument formally.

(9.15)

D = (1 + g)Dj-1 + €;

(9.17)

1+g S, =*(1 + g)*D, = I+8 D, k=1

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