ii Lets assume the actual unemployment rate is determined by the bathtub model stud ied in the textbook. Equations 7.2 and 7.3 in the textbook are as follows: Et'l'UtZL Ut+1 Ut = 5Et _fUt where E: are the number of employed people, Ut are the number of unemployed people. 3, f and L are given in the question on last page. From the second equation, we know that the number of unemployed people at time t + 1 is given by Ut+1 = Ut + Et fUt (1) Let unemployment rate in February 2021 be 7.5%. Using equation (1) and a calcula tor, Show the evolution of the unemployment rate over time. On the Xaxis, plot dates (02/2021, 03/2021, 04/2021, 05/2021, and so on...). On the y-aXis, plot the unemploy- ment rate corresponding at each time. Your graph will start at a yintercept of 7.5%. That is, U0 = 0.075. How long before the unemployment rate reaches 3.5%? (6 points)