5. Zachary is an exponential discounter whose utility over money and time is given by: U = U + Su+1 +8 U+2 +8 U+3 + ... where ut isthe amount of money he has on day t, and is the standard discount factor. (c) If Zach had the option between having $100 today and $110 tomorrow, which would hechoose? If Zach has the option between $100 in a year and $110inayear and a day, which would he choose? Does Zach have time-consistent preferences? Suppose that Zachary has a daily discount rate of 8=0.95.