Finance School of management Consumption over the Life Cycle 47.58(30,000-C)=11.94C C=$23,982-Permanent income 45 30 Human capital (1+)=1(1+i) uesTc5 Finance School of Management 47.58(30,000 −C) =11.94C Consumption over the Life Cycle C = $23,982 — Permanent income   — Human capital = = + = + 45 1 30 t (1 ) t 1 (1 ) t t t i Y i C