One the hand, if gl,- is assumed to be added at the end of period t, then the above formula come E1=E-1+fU1-1-sE-1 i hope my answer will satisfy youOne the hand, if gLt−1 is assumed to be added at the end of period t, then the above formula should become t = t−1 + t−1 − t−1 E E fU sE I hope my answer will satisfy you. Best wishes Gang