Question 3 Edward and Kim are planning to buy new pair of scissors for next Hedge Trimming Contest (this year's gathering was cancelledi}. The event will take place 240 days from now. They each have different value of time. Let us denote their monthly interest rates as: lErl and lKirn, respectively. There are two options which enable them to purchase the scissors after 240 days from now: 1] Allocate $275 now and put it in a saving account which earns 0.01% per day. 2] Save whenever you can in a piggy bank and then allocate $281.68 after 240 days. 3] Buy the pair of scissors now and keep them in free-ofcharge storage for 240 days. Due to rise in prices, the same pair of scissors which cost now $215 will cost $281.63 after 240 days. a] Let us assume for now that they find, from an economic perspective, that all plans; 13, equivalent and that it does not matter which option is chosen as they are rationally the same. What is the value of time of Edward? Page 2 of 4 b] Is it possible for Edward and Kim to agree on three plans while having two different values of time. That is, is there a possibility that in at its,\" ? e] Let us otherwise assume that they both looked at those plans and disagreed on the preference. It turn out that. based on rational economic analysis, Edward prefers Plan 1 while Kim prefers Plan 2. Who has a higher value of time? Why? You need to provide dear analysis to rhese problem notjmrnai answers