Consider an economy in which the population follows the rule N_t = 1.1 N_t-1. In addition, suppose that endowments per young person grow each period according to y_t = 1.05y_t-1. Assume old people do not receive any endowments. Assume that a young person’s preferences are such that they want to consume one-half of their endowment so that c₁, _t = 0.5y_t. Compute the rate at which transfers by young people can be converted into transfers received when old, that is, the conversion rate for this economy.