2. In this exercise your goal is to calculate an inflation rate shown in the third lecture. For this exercise you need to use Excel or your favorite software package: hand-drawn graphs are not acceptable. (a) Download the quarterly Gross Domestic Product: Implicit Price Deflator data from the FRED website. (b) Calculate the annual inflation rate time series from this data as the year-over-year percentage change in the price index. For example, # 1980Q1 = 100 x P1980Q1 - P1979Q1 P197901 # 198002 = 100 X P1980Q2 - '1979Q2 P1979Q2 # 198003 = 100 X P19soo3 - '197903 P197903 (c) Submit as a response to this exercise a screen-shot of your graph of inflation as a function of time. Use the graph shown on slide 7 of lecture 3 as an example of what you need to include in this graph: `To average a time series "by eye" is to look at a graph and come up with a rough estimate of the average value of a time series during a given period of time