4. (9 points) Date Q3 2004 Q3 2017 growth in M2 GDP inflation growth in real GDP 3.98% 2.86% 3.43% 5.36% 1.78% 2.21% a. (2 pts) Calculate the approximate growth rate in velocity of M2 in 2004 and 2017. b. (2 pts) Suppose policy makers chose to fix the money growth rate at 3% per year. How would a fixed money growth rule affect the inflation rate in the short-run? c. (2 pts)Suppose policy makers chose to fix the money growth rate at 3% per year. Suppose long-run GDP growth is about 2.5% per year. Describe the effect of this money growth rule on the inflation rate in the long-run. Also include the value for the long-run average inflation rate. d. (3 pts)Describe the pros and cons of the policy makers' choice of a money growth rule