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+ a FOC for By 6 For for MY u MI M busmt wed C ) FOC for MZ . M' + BA (1 +

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+ a FOC for By 6 For for MY u MI M busmt wed C ) FOC for MZ . M' + BA (1 + M = 0+ K. In Mi + B. Inc+ In MI M2 t+1 + K . In 1+1 Inc, + In P P + 82. Inc,2 + In Mi+2 + K. In M 2 1 1 + 2 + .... +2 Y, +ML,+ (1tim )M2+(1+i, ) B, +(S, + D,)a, - P,c, -M) -M? -B,-S,a, + BAH Y,+ + M; + ( 1 + 17 ) M? + (1 +i, ) B, + (S,4 + D,1)a, - PHIC,HI-M.HI-M.H-BHHI-S,d,+1 +

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