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Consumption in retirement Yx ( 1+r) BC Yx (1 + ( ~X1-t) ) BC2 A ICI IC Z O Cut CW 7 CW Y consumption

Consumption in retirement Yx ( 1+r) BC Yx (1 + ( ~X1-t) ) BC2 A ICI IC Z O Cut CW 7 CW Y consumption in working years

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