Consider an individual that lives for at most two periods. The probability that she survives until period 2 is 0.8. initial wealth is $10,000 and, if she is alive in period 2, she will then receive a Social Security check for $4,600 and no additional income. Suppose that the price of private annuity is actuarially fair, the interest rate is zero and that the person chooses to have the same level of oonsurnption in the two periods by appropriately annuitizing (so that there is no saving from period one to period two, other than through the annuity that is purchased). What is that level of consumption? n r1 n ..nr-n1