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Fred's utility function is u(I) = I (where I represents income). Suppose Fred's discount rate is = 0.95. If Fred considers $773.78 today the same

Fred's utility function is u(I) = I (where I represents income). Suppose Fred's discount rate is = 0.95. If Fred considers $773.78 today the same as $1000 five years from now, are his preferences consistent with exponential discounting, hyperbolic discounting, or neither? Briefly explain.

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