correlated with II. Part two: Calculation. 1. Suppose U(C) is utility function and C is the consumption. W, is the original wealth level (before investment at period u and W, is the wealth level (without considering investment) at period 1+1, and d is the discounted factor. Consider there is an investment opportunity at time . P, is the price of one unit of the investment, m is the amount of investment, and X, is payoff for each unit of the investment. The investor has to maximize his utility according to his consumption and investment level. Please derive the pricing kernel based on the maximizing problem. (13 points) e , correlated with II. Part two: Calculation. 1. Suppose U(C) is utility function and C is the consumption. W, is the original wealth level (before investment at period u and W, is the wealth level (without considering investment) at period 1+1, and d is the discounted factor. Consider there is an investment opportunity at time . P, is the price of one unit of the investment, m is the amount of investment, and X, is payoff for each unit of the investment. The investor has to maximize his utility according to his consumption and investment level. Please derive the pricing kernel based on the maximizing problem. (13 points) e ,