3. A bond that matures in one year has a payoff of either 0 or 100 dollars with equal probability, X*+1 = 100 0 . Find the price that an investor with power utility of consumption and an annual income of I=100 would be willing to pay today for this bond given: a. An annual discount factor =1 and a risk aversion parameter y=2 (2 points) b. An annual discount factor 6=0.9 and a risk aversion parameter y=2 (2 points)