For the next three questions, consider an economy with the following
information:
• The average dollar is spent twenty times per year; this value is
constant over time.
• The money supply is $40,000, growing at a rate of 4 percent per year.
• The price level is currently unknown.
• Real GDP is 200,000, growing at a rate of 1.5 percent per year.
Calculate this economy's price level.
Enter only numbers, a decimal point, and/or a negative sign in your answer as
necessary. Round your answer to two decimal places as needed.