1. Currently,Jim Morris makes $100,000. Next year his income will be $120,000. Jim is a big…

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1. Currently,Jim Morris makes $100,000. Next year his income will be $120,000. Jim is a big spender and he wants to consume $150,000 this year. The equilibrium interest rate is 10 percent. What will be Jim’s consumption potential next year if he consumes $150,000 this year?

 
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