1. Willie is 25 years old, plans to retire at 55, and to live to the ripe old age of 85. His labor income as a plumber is $50,000 per year, and he expects to maintain a constant level of real consumption spending for the remainder of his life. Assuming a steady real salary, the complete absence of taxes, and a real interest rate of 2% per annum: a. What is the value of Willies human capital? b. What is the level of his permanent income?