Question: This question is about the normalized compounded terminal value criterion (NCTV) Dene the approximation to NCTV as AppT V (B) = P T t=1 cBt(1

This question is about the normalized compounded terminal value criterion (NCTV) Dene the approximation to NCTV as AppT V (B) = P T t=1 cBt(1 r) T 1 P T t=1 (1 c)Bt(1 ) T 1 where c 2 [0; 1] is the fraction of the benets consumed as they occur and (1 c) is invested at a rat

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