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We can proceed similarly to how we proceeded with the two periods model.We can derive 1 and 2 from the first and second period constraints, and substituterespectively in the second and third period constraints.From the first period constraint we get:1 1 + (1 + )0 = 1We can substitute in the second period constraint to get:2 2 + (1 + )(1 1 + (1 + )0) = 2I can rearrange it as:2 2 + (1 + )(1 1) + (1 + )20 = 2This can be substitute it in the third period budget constraint:3 3 + (1 + )(2 2 + (1 + )(1 1) + (1 + )20) = 0Or, dividing everything by (1 + )2 and rearranging:0(1 + ) + 1 + 21 + + 3(1 + )2 = 1 + 21 + + 3(1 + )2 explanation