Chipman has a utility function (1, 2 ) = min(1, 22) where 1 and 2 are his consumption in periods 1 and 2 respectively. Chipman earns $200 in period 1 and $100 in period 2. a) There is no inflation, and he can borrow and save freely at an interest rate of 4%. What will Chipman's optimal consumption be in the two periods. b) Suppose that Chipman relocated to a hyperinflationary country; the price level in period 2 will be four times the price level in period 1. What will Chipman's optimal consumption be in the two periods? c)The finfluencers got to Chipman. He now believes that banks are bad news for the little guy, so he decides that he is better off keeping his savings outside of the financial system. As a result, he has no access to credit, and he faces an effective interest rate of zero. How much will Chipman save in period one? Assume the same inflation rate as part (b).