4. Velocity and the quantity equation Consider a simple economy that produces only cell phones. The following table contains information on the economy's money supply, velocity of money, price level, and output. For example, in 2016, the money supply was $400, the price of a cell phone was $5.00, and the economy produced 800 cell phones. Fill in the missing values in the following table, rounding to the nearest cent when necessary. Quantity of Money Price Level Quantity of Output Nominal GDP Year ( Dollars) Velocity of Money ( Dollars) (Cell phones) (Dollars) 2016 400 5.00 800 2017 404 10 800 The money supply grew at a rate of from 2016 to 2017. Since cell phone output did not change from 2016 to 2017 and the velocity of money , the change in the money supply was reflected in changes in the price level. The inflation rate from 2016 to 2017 was