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Macroeconomics 1. (30 marks) Consider the life-cycle model discussed in Lecture 3-5. Now suppose thatcapital depreciates after production, and the capital depreciate rate is 0 < δ < 1.1(a) (10 marks) Formulate the individuals’ utility maximisation problem and solve itto find the optimal consumption plan and saving of a generation t individual.(b) (5 marks) Formulate.