Casper Milktoast has $200000 available to support consumption in periods 0 (now) and 1 (next year). He wants to consume exactly the same amount in each period. The interest rate is 8%. There is no risk. Supoose Casper is given an opportunity to invest up to $200,000 at 10% risk-free. The interest rate stays at 8%. What should he do and how much can he consume in each period if he is not allowed to borrow against future income?

Please do not use the Excel. I want to know the process.