Suppose the taxpayer can time when he is to receive $$100,000$ of income that is fully taxable. Currentinterest rates are $10\%$ on fully taxable securities and the taxpayer faces a current tax rate of $31\%.$ If the taxpayer delays receipt the amount will grow to $$110,000$ at the end of year $2.$ The taxpayer must decide whether to receive the money today at the end of year $1$ or at the end of year $2.$a$.$ When should the taxpayer elect to receive the income?b$.$ Is there an interest rate at which the taxpayer is indifferent between the two options?c$.$ The taxpayer expects tax rates to increase to $35\%$ in year $2.$ Now when should he elect to receive theincome?d$.$ At what tax rate in period $2$ is the taxpayer indifferent between the two options?