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The graph below shows the lifetime earnings profile of a person who lives for four periods and earns incomes of $30, $60, and $90 in

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The graph below shows the lifetime earnings profile of a person who lives for four periods and earns incomes of $30, $60, and $90 in the first three periods of the life cycle. There are no earnings during retirement. Assume that the interest rate is 0.

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$90 $60 Income, consumption $30 2 3 4 Time

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