Question: Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming

Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Assuming taxes are zero, if Hector receives a $20,000 bonus during his first year of work and he completely smooths consumption over his lifetime, his annual consumption is

	$60.000
	$60.333
	$80.444
	$107.000

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