Suppose that every consumer is born without any financial wealth and lives for three periods: young, middle age and old. Consumers work in the first two periods and retire in the last one. Their labour income, which we assume they receive at the end of each period, is $18,000 in the first period, $100,000 in the second and $0 in the last period. Inflation and expected inflation are zero and the real interest rate is 3% per period. a. What is each person's present discounted value (PDV) of future labour income at the beginning of life (2dp)?