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viii.
VPN
t 0
Bt Ct (1 r ) t
VPN
Bt Ct 0 t ( 1 TIR ) t 0
n
TRI
Bt 1 Ct 1 It
r (1 r ) m CAE (VPC ) (1 r ) m 1
VPN
t 0
Bt Ct (1 r ) t
VPN
Bt Ct 0 t ( 1 TIR ) t 0
n
TRI
Bt 1 Ct 1 It
r (1 r ) m CAE (VPC ) (1 r ) m 1